We are sure this data is entirely dependable but when continuing jobless claims spike over 6% last week and collapse almost 6% this week - and the labor department says there is nothing unusual - we hold our hands up and laugh. Continuing claims printed 2.37mm (beating expectations) and initial claims dropped 6k to 289k (beating expectations).
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But the most critical aspect of today's report is the one-week-delayed details on which states saw a rise in initial claims - Pennsylvania: 12,302 and Texas 9,107 - both major Shale states.
Has the job-culling, cost-cutting started?
Chart: Bloomberg
