Jobless Claims – Turn for the Worse

19 Oct

Remember last week when Obama and the media were doing handstands over the “improved” US jobs numbers…?

You won’t read this in the New York Times…

Weekly Jobless Claims: A Sharp Turn for the Worse

The unusually large drop reported previously (for the week through October 6) evaporated in today’s release, and then some. As I noted last week, any big change in the number du jour for this volatile series requires several weeks of corroborating data before it’s safe to make hard and fast conclusions. If that wasn’t obvious before, it is now.

Jobless claims surged higher last week to a seasonally adjusted 388,000. That more than reverses the previous decline that looked so enticing for the cause of optimism. As a result, claims have jumped to the highest level since mid-July. Suddenly the case for thinking that this leading indicator is treading water is plausible once more.

It will be interesting to see how the BLS gets unemployment to 7.5% on the Friday before the election…

Wall Street Pit

 

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