Initial Jobless Claims Resume Uptrend, Massive Divergence From Payrolls

The number of Americans filing for jobless benefits for the first time dropped to 243k last week, down very modestly from a revised lower 245k the prior week (and better than the 252k expected). The 4-week average resumed its uptrend…

Source: Bloomberg

Continuing Claims data improved marginally from 1.434mm to 1.415mm.

So, what the hell is going on with the payrolls data?

Source: Bloomberg

Finally, as we detailed previously, while the chart above shows a serious decoupling between two ‘labor market’ indicators, PwC recently indicated an even greater discrepancy between the hope-filled pre-Midterms non-farm payrolls data and the reality among America’s corporations and workers.