With expectations set at multi-year cycle lows of 295k, the 311k print is a major disappointment (the biggest miss since early May) as initial jobless claims jumped 21k to the highest since June. Ithas now been 3 weeks without a new cycle low in claims - perhaps too early to call a trend change - but notably 31k off the lows in late July. Continuing claims also rose markedly, missing expectations for the 6th of the last 7 weeks.
Initial claims biggest miss in 3 months...
[4]
As continuing claims continue to leak higher and miss...
[5]
Charts: Bloomberg
