Initial jobless claims have surged almost 30k in the last 2 weeks and are nearing the Maginot Line of 300k (printing 297k vs 285k exp). This is the worst claims print since mid-Feb and well above the levels that occurred at the end of QE3. Of course, apologists will note that there are likely holiday distortions in this data. At the same time, continuing claims continue to rise quite notably, now at their highest since mid-March having missed expectations for the last 7 weeks.
The trend has clearly shifted.
[4]
But continuing claims have seriously changed regime...
[5]
Charts: Bloomberg
