Via Bloomberg:
The number of jobless filing for initial unemployment claims increased in February, pointing to trouble for the February employment report and sending equities and commodities lower in immediate reaction. Initial claims jumped to 496,000 in the Feb. 20 week, the highest level since November. The four-week average, up 6,000 to 473,750, is also the highest since November and is more than 15,000 higher than January levels. In an ominous note for the monthly jobs report, claims offices said heavy weather increased the number of claims in the week. Continuing claims, where data lags by a week, were slightly higher at 4.617 million and are little changed from January levels. The unemployment rate for insured workers is unchanged at 3.5 percent.
Not sure what this report really tells markets. On one hand the weather over the last 2 weeks has caused an increase in claims. However, The U.S. employment is not showing significant improvement month over month. Futures continued to slide after this report was released.
*Update: Equities are selling off to start the trading day in New York.
Patrick M. Ambrus
Managing Partner
Analyze Capital LLC
ambrus.anlzgroup.blogspot.com
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