I feel like a broken record at this point, as every week the trend seems more and more relentless.
Initial jobless claims rose once again, by 14,000 (seriously revised down by 12,000 from last week’s reading of 260,000) to 262,000. More importantly, the 4 week average rose another 4,500 as well to 252,000, a (revised) 8 month high. Continuing claims also rose 8,000 to 1,428,000, the highest since April:
Claims remain on track to turn higher YoY in November, which would signal an imminent recession.