Unemployment: Initial Claims Jump.
When I first saw the headline number, I thought “Someone tell me that this is a consequence of the weather and not a sign that the labor market is starting to crumble again.” Spoiler: it’s the seasonal adjustment. The Unemployment Insurance Weekly Claims Report has been released. Initial claims grew to 496,000 while last week’s figure was revised up 1,000. This was was actually inside the Bloomberg consensus range of 445k to 500k. From the report:
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