Following this morning's dire Challenger Job Cuts data, [5] it appears the hard reality that lower oil prices are not unambiguously good for America is setting in. Initial Jobless Claims surged last week (after a big jump the week before) to 320k (far worse than the 295k expectation) to the highest since May 2014. Non-seasonally-0adjusted claims surged 29,361 to 310,000 making 2015 the worst start to the year for claims since 2009. Continuing Claims also rose. Since the end of QE3 and the end of the government's fiscal year, the trend of improvment has clearly ended and a new regime of weakening labor markets has begun.
The trend has changed...
[6]
This is the worst start to a year since 2009...
[7]
Charts: Bloomberg
