Someone's Still Lying

The raw initial claims data rose 1k from 259 to 260k (beating expectations of 265k).

 

But the less-noisy 4-week average of initial jobless claims has slid further this week - to 263.25, its lowest since Dec 1973 - as the divergence between "useless at this point in the business cycle" claims and 'real' job cuts has never been wider.

 

 

Charts: Bloomberg