Despite a surge in job cuts, initial jobless claims beat expectations dropping to just 278k (the 2nd lowest of the cycle). The smoother 4-week average dropped to its lowest since April 2000 - nearing levels not seen since 1974... time for moar QE? Continuing claims also dropped to cycle lows... so why did the electorate "throw the bums out" yesterday?
Claims trend nears 40-year low
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Chart: Bloomberg
