The Department of Labor says initial jobless claims for the last week were 264k, better than expected and falling back towards best in 42 year lows. The Federal Reserve says Labor Market Conditions are deteriorating at the fastest rate since 2009. The Bureau of Labor Statistics said last week that nonfarm payrolls rose just 38k, the worst since 2010… So who is right?
No wonder The Fed has no credibility with its “data-dependent” narrative.
Just one more thing – the last time claims and payrolls diverged like this… ended badly…
Charts: Bloomberg
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