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Some of the bulls are running around suggesting that this morning’s jobless claims number was "better than expected", c'mon. This week's jobless number of 432,000 ensures that the upward sloping "Trend" in the 4 week moving average continue to move higher.

The 4 week moving average takes out the noise, and this morning's report lifts that average by another 7,000 jobs to 446,000.

We won't see a 6% unemployment report when the August monthly report comes out in 2 weeks, but we will see that print in the fall, then the 7% unemployment rate line comes into play.

The US economy is experiencing stagflation. There are very few winners in this economic scenario. Be careful out there.
KM