This morning's jobless claims number was a large one. Coming in at 493,000 (see chart), this is the highest print we have seen since the 4th of July.
Notwithstanding the disclosure in the report (that the government attributes 63,000 of the claims to hurricanes), the number is the number, and it takes the 4 week moving average up yet again to 463,000.
This week, next week, and the weeks after that, the proverbial hurricanes in the US Financial Services industry will have to be accounted for as well don’t forget.
Come "bailout day", there is an economic cycle underneath this financial crisis that will not stop trending in its current direction. Conversely, it will worsen throughout Q4. The September employment report looms next week (after the short sellers are allowed back into the game).
KM
Notwithstanding the disclosure in the report (that the government attributes 63,000 of the claims to hurricanes), the number is the number, and it takes the 4 week moving average up yet again to 463,000.
This week, next week, and the weeks after that, the proverbial hurricanes in the US Financial Services industry will have to be accounted for as well don’t forget.
Come "bailout day", there is an economic cycle underneath this financial crisis that will not stop trending in its current direction. Conversely, it will worsen throughout Q4. The September employment report looms next week (after the short sellers are allowed back into the game).
KM
