For the last several months, there has been nearly a relentless slow increase in new jobless claims. That trend broke, at least for this week.
Initial jobless claims declined by 2,000 to 250,000. More importantly, the 4-week average also declined by 2,750 to 246,750. Continuing claims rose 7,000 to 1,437,000, the highest since April:
(Click on image to enlarge)
Claims have been on track to turn higher YoY in November, which would signal an imminent recession; but with this week’s report that trend *may* be breaking - to the good side.
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