With all the weak economic statistics that have been reported in the last month, we now have a very bad employment report. new unemployment claims rose by 8% last week. there whould have been some jump just due to July 4th having caused a backlog in the earlier period. Still, an 8% jump is much higher than expected.
Usually, my view is that these weekly figures are too variable to mean much of anything. In the context of the recent reports, however, this is bad news in my opinion.
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