BAD NEWS ON JOBS: Initial Claims Rise To 417,000

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The number: Initial claims rose to 417K from 408K, versus expectations for a slight decline.

Continuing claims declined from 3721K to 3641K, the lowest level in months.

4-week moving average up 4K to 407,500.

The market doesn’t seem to be moving on the number. The trend in claims suggests stagnation more than everything else.

Preview: A Bloomberg survey expects a decline in initial claims to 405K from 408K last week. Finviz shows a decline to 400K. A Marketwatch survey expects an increase to 410K. 

In other words, no one expects a big change.