Initial Jobless Claims totaled 479k, 24k above forecasts and up from a revised 460k last week. The level of claims is now the highest since early April but the entire month of July has been influenced by the auto plant shutdowns or lack thereof with respect to GM. The 4 week average, valuable to smooth out the weekly lumpiness, totaled 459k vs 453k last week, a 4 week high.
---Peter Boockvar, 8/4
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