Initial Jobless Claims Suddenly Surge To 5-Month Highs, Continuing Claims Spike

Weak surveys, mass layoffs, and poor outlooks appear to have finally rippled through the government's data and sparked a significant rise in initial jobless claims. Up 13k to 282k, this is the highest claims since early July. Of course, it remains below the Maginot Line of 300k which 'proves' everything is awesome, but initial claims is now at the same level as it was when The Fed ended QE3. Perhaps more notable is the spike in continuing claims (up 3.8%) - the end biggest jump since 2008 to 3 month highs.

Big jump in initial claims...

 

but continuing claims saw their 2nd biggest weekly rise since 2008...to 3 month highs.

 

So what happens next?

 

Charts: Bloomberg