Having surged to six-month highs, initial jobless claims dropped modestly on the week but the smoother 4-week average that is broadly used pushed to new cycle highs at 285k – the highest since March 2015 confirming The Fed’s concerns over the economy. This is a trend that is certainly not the friend of Janet and her friends… but we are sure this is all just transitory.
Charts: Bloomberg
via Zero Hedge http://ift.tt/1TpC7yj Tyler Durden