With claims from the backlog in California’s systems “glitch” (which began in September) still working their way through the system, one can only imagine the debacle that this data really is as more people filed for unemployment claims that expected for the 3rd week in a row. 44,100 Federal workers applied for claims two weeks ago (and received it we presume as well as their back pay now) but the Labor department notes these claims are not reflected in the total. At 350k, vs 340k expectations, this is the first time since early January that we have seen 3 weeks in a row of missed expectations…
The smoother 4-week-moving-average has surged back to almost 4-month highs.
Charts: Bloomberg
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/eGO59WqsUc4/story01.htm Tyler Durden