Initial Jobless Claims totaled a much higher than expected 573k, almost 50k more than forecasts and up from a revised 515k last week. It’s the highest since Nov ’82 and Continuing Claims were also sharply higher than expected at 4.429mm, 329k above the estimates. The Labor Dept did caveat today’s #’s by saying that the week after Thanksgiving usually has the biggest increase in non seasonally adjusted claims filings due to the catch up filing of those that didn’t do it the holiday week before so one has to average the past two weeks which gets us to 544k, still obviously very elevated.
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That’s a sick half-pipe – wish I had my board with me bro!
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