Must be the weather… Initial jobless claims swung from the worst in 2014 last week to the best in over 3 months this week, with a 323k print (well below the 336 expectation). No states estimated claims this week but even the Labor Department suggests the series’ volatility is “coinciding” with winter storms. Overall claims dropped 8,000 to 2.91 million on the week but it is clear the descending trend is over for this series – which fits with ADP and ISM Services weakness.
From big miss and worst in 2014 to big beat and best in 2014…
Remember when initial claims was heralded as key support for stocks? Not so much anymore
Charts: Bloomberg
