Initial Jobless Claims SURGE To 500K, Stocks Sliding
Aug. 19, 2010
The number: Initial jobless claims have surged to 500K. This is worse than expected, and establishes a clear negative trend. Several weeks ago, this number had seemed to stall out around 450K, but now that’s just a memory, as the direction is definitely upward.
After being only modestly down earlier, stocks are clearly set to head much lower.
This chart, which is a little out of date, because it doesn’t capture the recent rise, shows just how sharply we went from improvement to stall out. And now it’s drifting higher.