Jobless Claims Surge, Philly Prices Highest Since Horse And Buggy

Jobless Claims Surge, Philly Prices Highest Since Horse And Buggy

412,000 Americans filed for unemployment benefits last week, far more than expected. Out of nearly four-dozen economists polled, no one predicted a headline initial claims print above 390,000. The news might fairly be described as a setback of sorts, minor though it may be (figure below). The four week moving average fell to 395,000. The previous week was barely revised (lower). The market wanted 3.43 million on continuing claims. Instead, we got 3.52 million. Some quick, bar napkin calcul
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