Initial Jobless Claims Jump 21,000 To Biggest Miss In 3 Months

With expectations set at multi-year cycle lows of 295k, the 311k print is a major disappointment (the biggest miss since early May) as initial jobless claims jumped 21k to the highest since June. Ithas now been 3 weeks without a new cycle low in claims - perhaps too early to call a trend change - but notably 31k off the lows in late July. Continuing claims also rose markedly, missing expectations for the 6th of the last 7 weeks.

 

Initial claims biggest miss in 3 months...

 

As continuing claims continue to leak higher and miss...

 

Charts: Bloomberg

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