Jobless claims are rising nationwide. When examined on a state-by-state basis, 24 states, accounting for half of the population, have higher year-over-year claims. In contrast, in June, only 11 states, representing 22% of the population, had higher year-over-year claims.

This trend is worth noting. The Leading Economic Index, which helps predict future economic trends, has been negative for 26 of the last 27 months. However, it has become less negative, indicating a slow recovery with US GDP growth expected to fall to 1% in Q3.

This is another data point suggesting that the Federal Reserve may need to lower interest rates.

Have a fantastic weekend, and always feel free to reach out this weekend if you have any questions.