Today is an important day for economic indicators, particularly in the U.S. We’re familiar with Mr. Market, but maybe we should start calling boatloads of data like this Mr. Indicator.
Yes, that nickname needs work..but let’s get into the details.
The U.S. Department of Labor released their jobless claim numbers just now, and the figure is better than what was originally expected. For a recap, here’s what was expected, with a consensus.
|New Claims – Level||332K*||340K||325K to 352K|
The latest numbers indicate that claims rose to 336K, and last week’s figure was revised to 334K*. Logically speaking, any increase in this indicator signals a job market that’s technically worse, but it’s important to note that consensus averages expected a figure that was about 1% higher. For a recap, here’s the long-term chart, ex-today’s latest number:
Clearly, the long-term trend is still favorable, and as we explained last night, today’s 336K figure can lead “toward possible sideways action in the morning hours, with the potential for long-term bulls to be optimistic as the day progresses.”
Check back here for more updates on this situation.