This Is For Anyone Who Still Thinks Initial Jobless Claims Don't Matter

Despite the good initial jobless claims number, CNBC’s RIck Santelli is flipping out and says the number doesn’t matter.

That’s incorrect.

We’ve run these charts before, but by comparing the inverse of initial claims with the S&P, it’s pretty obvious that there’s a tight correlation between the two. The good number is good news.

First, going back to 2008.

chart

And then going back a lot further.

chart

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