It appears the glorious trend of decling initial jobless claims has run its course. For the last 5 months, initial claims have oscillated around the crucial-to-the-narrative 300k level - breaking the constant downtrend of the last 4-5 years. Today's 298k print, up 17k from last week, is the same level seen in the 3rd week of July.
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This is the highest 6mo. rise in initial claims since the middle of the Polar Vortex.
Charts: Bloomberg
