For the 4th week of the last 5, initial claims missed expectations (though very modestly 336k vs 335k exp). This data confirms the trend that so many clung to last year as a driver of the equity market – or indicative of the recovery’s self-sustaining nature – has now ended. On average, initial claims have now been flat for 8 months. The labor department proclaimed no special (weather-related) factors or states estimating claims last week as total benefit rolls increased by 37,000 to 2.98 million – the first rise since the start of the year.
Charts: Bloomberg
via Zero Hedge http://ift.tt/1eX0Wca Tyler Durden