After last week’s holiday-shortened exuberance over initial jobless claims, this week’s slam back to reality is quite a shock to the “everything is awesome” crowd. Initial jobless claims jumped 31,000 to 313,000 – the biggest percentage rise since December 2013. Continuing claims dropped modestly but remain up around 3.5% over the last quarter – near the worst since 2009.

Trend has changed…

 

Continuing claims dropped modestly this week but the quarterly trend has shifted…

 

Charts: Bloomberg


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