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Inversions At Fresh Cycle Lows

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Initial Claims Highest Since Aug

US DATA
  • Initial jobless claims saw the largest weekly increase in eight weeks to leave them at the highest level since mid-Aug, at 240k (cons 225k) from 223k.
  • In doing so it’s the first more notable move above levels near the 2019 average since the rise over the summer (see chart) but being just one week, average levels only nudge higher at similarly low levels.
  • Also of note were unusually large contributions from California and in particular Illinois in the NSA data, worthy of further investigation.


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  • Initial jobless claims saw the largest weekly increase in eight weeks to leave them at the highest level since mid-Aug, at 240k (cons 225k) from 223k.
  • In doing so it’s the first more notable move above levels near the 2019 average since the rise over the summer (see chart) but being just one week, average levels only nudge higher at similarly low levels.
  • Also of note were unusually large contributions from California and in particular Illinois in the NSA data, worthy of further investigation.