Following the last two weeks' dramatic surge in initial jobless claims it was expected that a pull back would occur and it did but the last week's 278k print is still worse than expected - the third weekly miss in a row (the first time since January). The downtrend remains 'broken' as the 4-week-average prints at 3-month highs, catching up to weakness in layoffs, earnings, macro data, ISM/PMI surveys, and retail stocks.
3rd weekly miss in a row...
With the 4-week average now at 3-month highs...
Are claims catching up to layoffs?
Or did the retail recovery just implode?
June looms though.
Charts: Bloomberg
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