The latest weekly initial unemployment claims report is out, and it’s a bit worse than expected.
Claims climbed to 352,000 from 348,000 a week ago.
Economists were looking for a reading of 350,000.
While disappointing, there was nothing too worrisome about the report.
U.S. stock market futures are up slightly.
“The claims series has proven to be an excellent directional indicator for equities,” said Jim O’Sullivan of High Frequency Economics.
Here’s a chart we’ve seen frequently:
High Frequency Economics