And initial unemployment claims hit the highest rate in nearly 2 years, 261,000 up 28,000, while the less volitile 4-week moving average by 7,500 to 237,250.
Continuing claims fell by 37,000 to 1.757 million, but this does not include this week, so I would expect the continuing claims number to go up rather significantly next week.
I think that we are already in a recession, but that it won't be called this year, though it may be backdated to this coming September or so.
Then again, my predictions are pretty worthless.
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