Initial jobless claims rose very modestly from last week's 15-year low levels and hovers at a stunning 262k - indicating everything is as awesome as it can possibly be. Which is odd... because as Challenger-Gray notes, April saw the biggest rise in job cuts since 2011 (and the worst YoY increase for April in at least a decade). Job cuts were concentrated in the energy sector on an unprecedented scale.
Initial Jobless Claims are as low as they have ever been... (remember the last time they were this low, stocks crashed in the next few months)
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But Job Cuts in April were the largest since 2011...
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With job losses led by the Energy sector... on a scale not seen during the last oil price selloff
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It's different this time.
Charts: Bloomberg
