Initial claims were unchanged from last week - thanks to the now ubiquitous upward revision of the previous week's data. This is the highest print in six weeks and the third week in a row that the claims data has been greater than expected. The market is unsure - is this enough pre-FOMC to make a real difference or just more 'seasonal' noise? One thing is sure - the trend is higher in the last six weeks, hardly a positive sign (as the 4-week moving average rises 1,500 to 370,250) - and after the standard upward revision today's 374k claims will be 377k by next week.
and via Jefferies:
The downtrend in the rolls of long-term claimants continued in this week’s data. Extended Benefits recipients rose 1,168 to 5,404 in the week ended August 11th from 4,236 in the prior week. Emergency Unemployment Compensation (EUC) fell 53,318 in the week ended August 11th to 2.273 mln. This is the lowest count of EUC 08 recipients since May 9th, 2009.