Initial jobless claims came out yesterday, but we wanted to make sure to hit on one point: Initial jobless claims have a fantastic track record over the last few years of aligning with the stock market.
And in recent weeks we’ve had a stallout and a spike.
Now there may be a seasonal explanation for this (as we discussed at the bottom of this post), but still when you have an indicator like this that that’s such a solid guide to the stock market, you have to be concerned.
This chart shows the S&P 500 vs. the inverse of initial jobless claims.
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