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Ripple Effect

Andrew Zatlin: The “Soggy” Labor Market

Loading ...Addison Wiggin

August 26, 2025 • 1 minute, 39 second read


Labor Market

Andrew Zatlin: The “Soggy” Labor Market

Weekly jobless claims data tells me something is going on in the labor market.

Weekly Claims Spike Up 11,000

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New applications for weekly jobless benefits jumped 11,000 to 235,000 for the week ending August 16.

That was well above economists’ estimates… and above even my own.

This tells me that we have a very “soggy” labor market right now. We anticipated an uptick in claims for the week; however, this was more than expected.

Ongoing claims jumped to 1.97 million for the week ending August 9, the highest number since November 2021.

Many economists and mainstream financial media follow the narrative that there is no hiring and no firing. I see something slightly different … slightly more firing and slightly less hiring.

Additionally, it continues to tell me that those out of work continue to struggle to find another job.

Initial claims fell in California, Michigan and Texas, however that was offset by rises in Kentucky (auto plants), Massachusetts and Iowa.

Federal employee claims were flat, but remained up from last year.

In the Delmarva region (Delaware, Maryland, Virginia and Washington, D.C.), continuing claims increased by 3,500.

Layoffs in the tech sector continued to rise as claims in Oregon and Washington were up 5,300 from the previous week, and more than 10,000 in the last two weeks, combined.

~ Andrew Zatlin

P.S. from Addison: That insight from Andrew Zatlin is just a small appetizer for the main event: our discussion on Grey Swan Live! Thursday.

We’ll cover how Andrew views the labor market, why he’s been more accurate than other forecasters – garnering the #1 ranking on Bloomberg – and look at how his views fit in with many of the potential Grey Swan events we see occurring in the months ahead – including the possibility of a “most terrifying bull market.”

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It’s another Grey Swan Live! you won’t want to miss – all part of the incredible value our members enjoy week after week.

If you have any questions for us about the market, send them our way now to: Addison@GreySwanFraternity.com.


The Hindenburg Five

February 24, 2026 • Addison Wiggin

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The Hindenburg Five
Piercing The Veil

February 23, 2026 • Addison Wiggin

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

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Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Piercing The Veil
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February 23, 2026 • Addison Wiggin

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Oh. Canada
Matt Milner: SpaceX + xAI: What It Means for You

February 20, 2026 • Addison Wiggin

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!

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