Expect a weak US jobs report in May

The jobless claims came out again today and the numbers were weak. This is the third week in a row of elevated claims above 380,000 and the 4-week average is now also above that mark. A lot of people have been pointing to weather related catch up as a reason for over-performance in the months prior leading to under-performance now. Another meme that has currency is that the seasonal adjustments have been distorting things. I would give more credence to the former phenomenon than the latter. Noti...


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