Don't look now but jobless claims came in at the highest initial claims rate since April - 479,000. Ouch. If we are rolling over like I believe we are - this number should start peculating higher. One caveat though is much fewer people are employed than they were two years ago. A week doesn't make a trend but it will be interesting to watch that number over the next month.
I sort of doubt the market will tank on this number before the non farm payroll report tomorrow morning.
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