Having trended gradually higher for the last 5 weeks (missing expectations for 4 of them), initial jobless claims printed an uncomfortable 313k (against expectations of a 288k print - the biggest miss in over 11 months) pushing to its worst level in 3 months. This is the biggest week-over-week rise in almost 4 months. Continuing claims hovers at 14-year lows and dropped this week to 2.316 million.
Trend?
[4]
Perhaps worryingly, this rise in initial claims is considerably larger than the average shift for this time of year...
[5]
as Continuing Claims hits new 14-year lows
[6]
Charts: Bloomberg
