When even Obama’s former top economist warns that the unemployment picture will turn hellish as the Fed scrambles to crush inflation, markets are predictably looking for early warnings and turning points of this starting to happen. Alas, they won’t get it in today’s initial jobless claims data, which not only did not come in weaker than expected, coming solidly above expectations but the unadjusted claims print was an absolute shocker, sliding from 172K to just 156K, the lowest on record!
