The number is out.
387K is just worse than estimates of 383K.
It’s down a touch from last week’s 389K, but that was revised higher from 386K and this week’s number will also certainly be revised higher.
So the proper way to understand this number is that things are still getting worse.
Not a disastrous number, but… still not the right direction.
And given that initial claims are one of the best predictors of the market and the overall economy, this is worrisome.
One of the best high frequency economic indicators there is is initial jobless claims.
It comes out at 8:30 AM ET, and analysts expect a print of 383K, down from 386K last week.
This number has been, concerningly, inching up lately.
We’ll have the number here LIVE.
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