Initial Jobless Claims Rise Again But What’s Wrong With This Picture?

For the second week in a row, initial jobless claims rose (up 6k to 278k) but remain flat at 42 year lows for the last year. Challenger job cuts rose 21.8% YoY (and yet initial jobless claims are lower still YoY. The problem with this ‘data’ is that employment signals from both manufacturing and services PMIs are entirely divergent

Manufacturing is collapsing…

And Services is deteriorating…

Still it keeps The Fed’s recovery narrative alive, so just hold your nose and buy the f##king dream.

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