The number: 472,000. That’s worse than what analysts were expecting, and unfortunately, it indicates a drift towards 500K.
Context: As we’ve been discussing for a while, the weekly initial claims report has only recently started getting respect, as the broader signs fo a double-dip confirm the importance of the stall-out in initial claims.
The weekly number has been stuck around 450K, well higher than it should be, and there are fears that it could drift back towards 500K.
Today, analysts are looking for 458K.
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