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Weekly jobless claims shot back up to 444,000 this week from 425,000 last. The unemployment cycle in the USA remains a concern.

The 4 week moving average moves to 438,000, and this elevated level of claims does not augur well for tomorrow's monthly employment report. This is not new, but rather a reminded of what I have been explaining.

My year end target rate for US unemployment remains +6-7%.
KM