Jump in initial claims to 965,000

Jobless claims data around the holiday season are marred by lots of seasonality. And so, only in the coming weeks are we likely to get a 'clean' look at what's going on in real time.

The latest report shows a step change that is worrying, with the unadjusted number well over my 1 million bogey for recession.

The seasonally adjusted 965,000 figure was well…