This, from JP Morgan Chase:
"Initial jobless claims surged to a new cycle high of 516,000 in the week ending November 8 from 484,000 in the previous week. The Labor Department said claims were up in many states, and that the 32,000 rise was not due to any special factors. Claims are now about equal to where they were at the end of September 2001 (517,000), a period when claims were boosted by the events of September 11. Excluding that period, initial claims are now well higher than they were at any point during the last labor market downturn. The elevated level of claims suggest that large payroll declines will again by reported in the November
employment report".
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