The last great hope indicator of the bullish narrative appears to have broken as today's initial jobless claims soars 20k to 294k - the highest since Feb 2015. Seemingly confirming the dismal payroll print, one can only wonder how long before this catches 'down' to the weakness in PMI/ISM survey employment data and the hard macro data. The last 3 weeks have seen initial claims soar by the most since 2005...

This is the first time claims have risen YoY since Nov 2012...



Catch 'up' time...

It begins!