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Initial Claims See Surprising Pop Higher After Particularly Low Readings

US DATA
  • Initial jobless claims surprisingly increased from 190k to 211k (cons 195k) last week, only the second time it's come in higher than consensus this year (with just a 6k overshoot for Feb 4).
  • The 21k increase in initial claims is the highest late Sep. It comes as the week saw a slightly larger increase than is seasonally normal having been below or in line with seasonal averages in the year to date.
  • It remains below the 218k averaged through 2019 whilst the 4-week average is still below 200k.


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