GOOD NEWS:The uptrend in jobless claims breaks…
Analysts expected 379 initial jobless claims but we only got 365K.
Last week’s number was revised a touch higher, from 388K to 392K.
This is a major relief that the upsurge is broken.
We’re still a bit above where we were a few weeks ago, but it’s great that not everything is unravelling on this front.
ORIGINAL POST: BIG number coming up here: Initial jobless claims are revealed at 8:30 AM ET.
The story here is that the numbers have moved sharply higher over the last three weeks.
This is an ominous sign for the economy and the market, given what a high-quality indicator this is.
That being said, there’s also evidence of seasonality distorting the figure, as this happened last year at the same time. As such, YOY claims are consistently lower.
Analysts expect 379K claims.
We’ll have the number right here LIVE.