Weak surveys, mass layoffs, and poor outlooks appear to have finally rippled through the government’s data and sparked a significant rise in initial jobless claims. Up 13k to 282k, this is the highest claims since early July. Of course, it remains below the Maginot Line of 300k which ‘proves’ everything is awesome, but initial claims is now at the same level as it was when The Fed ended QE3.
So what happens next?
