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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.


Pablo Hill: An Unmistakable Pattern in Copper

December 8, 2025 • Addison Wiggin

As copper flowed into the United States, LME inventories thinned and backwardation steepened. Higher U.S. pricing, tariff protection, and lower political risk made American warehouses the most attractive destination for metal. Each new shipment strengthened the spread.

The arbitrage, once triggered, became self-reinforcing. Traders were not participating in theory; they were responding to the physical incentives in front of them.

The United States had quietly become the marginal buyer of the world’s most important industrial metal. China, long the gravitational center of global copper demand, found itself on the outside.

Pablo Hill: An Unmistakable Pattern in Copper
Bears on the Prowl

December 8, 2025 • Addison Wiggin

Under the frost-crusted shrubs, the bears are sniffing around for scraps of bloody meat.

They smell the subtle rot of credit stress, central-bank desperation, and debt that’s beginning to steam in the cold. They’re not charging — not yet. But they’re present. Watching. Testing the doors.

Retail investors, last in line, await the Fed’s final announcement of the year on Wednesday. Then the central planners of the world get their turn: the Bank of England, Bank of Japan, and the European Central Bank.

Treasuries just suffered their worst week since June. And in Japan — the quiet godfather of global liquidity — something fundamental is breaking.

Silver continues its blistering ascent. Gold and bitcoin have settled in at $4,200 and $92,000, respectively.

Bears on the Prowl
How To Guarantee Higher Prices

December 8, 2025 • Addison Wiggin

It’s absurd, really, for any politician to be talking about “affordability.”

The data is clear. If higher prices are your goal, let the government “fix” them.

Mandates, paperwork, and busybodies telling you what you can and can’t do – it’s not a surprise why costs add up.

In contrast, if you want lower prices, do nothing– zilch. Let the market work.

How To Guarantee Higher Prices
Gideon Ashwood: The Bondquake in Tokyo: Why Japan’s Shock Is Just the Beginning

December 5, 2025 • Addison Wiggin

For 30 years, Japan was the land where interest rates went to die.

The Bank of Japan used yield-curve control to keep long-term rates sedated. Traders joked that shorting Japanese bonds was the “widow-maker trade.”

Not anymore.

On November 20, 2025, everything changed. Quietly, but decisively.

The Bank of Japan finally pulled the plug on decades of easy money. Negative rates were removed. Yield-curve control was abandoned. The policy rate was lifted to a 17-year high.

Suddenly, global markets had to reprice something they had ignored for years.

What happens when the world’s largest creditor nation stops exporting cheap capital and starts pulling it back home?

The answer came fast. Bond yields in Europe and the United States began climbing. The Japanese yen strengthened sharply. Wall Street faltered.

Gideon Ashwood: The Bondquake in Tokyo: Why Japan’s Shock Is Just the Beginning