Unemployment Hits Six Week High After Missing Third Week In A Row

Initial unemployment claims have reversed their downward trend coming in higher than expected for the third week in a row and now sit at a six week high.

Initial claims were unchanged from last week – thanks to the now ubiquitous upward revision of the previous week’s data. This is the highest print in six weeks and the third week in a row that the claims data has been greater than expected. The market is unsure – is this enough pre-FOMC to make a real difference or just more ‘seasonal’ noise? One thing is sure – the trend is higher in the last six weeks, hardly a positive sign (as the 4-week moving average rises 1,500 to 370,250) – and after the standard upward revision today’s 374k claims will be 377k by next week.

Categories: ECONOMY

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