Initial Jobless Claims Spikes Above 300k To 3-Month Highs, Biggest Miss In 11 Months

Having trended gradually higher for the last 5 weeks (missing expectations for 4 of them), initial jobless claims printed an uncomfortable 313k (against expectations of a 288k print - the biggest miss in over 11 months) pushing to its worst level in 3 months. This is the biggest week-over-week rise in almost 4 months. Continuing claims hovers at 14-year lows and dropped this week to 2.316 million.

 

Trend?

 

Perhaps worryingly, this rise in initial claims is considerably larger than the average shift for this time of year...

 

as Continuing Claims hits new 14-year lows

 

Charts: Bloomberg