The jobless claims came out again today and the numbers were weak. This is the third week in a row of elevated claims above 380,000 and the 4-week average is now also above that mark. A lot of people have been pointing to weather related catch up as a reason for over-performance in the months prior leading to under-performance now. Another meme that has currency is that the seasonal adjustments have been distorting things. I would give more credence to the former phenomenon than the latter. Notice the bump up in average claims last year at this time from the chart below as well. But no matter the numbers point to a bad employment report for April.
The US Department of Labor reported that "in the week ending April 21, the advance figure for seasonally adjusted initial claims was 388...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.