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Initial jobless claims rose 12k last week to 500k, the highest level since November 2009.  Consensus had called for a small decline.  Rolling claims rose 8k to 482.5k, also the highest level since last November.  We have been looking for the range of 375-400k as the maximum level for unemployment to fall meaningfully, but with claims moving the wrong direction, the spectre of rising unemployment looms. 

INITIAL CLAIMS JUMP AGAIN... TO A 9-MONTH HIGH! - chart1

INITIAL CLAIMS JUMP AGAIN... TO A 9-MONTH HIGH! - chart2