Labor market antenna should be now up

Initial jobless claims rose to 261k from 233k and that was well above the estimate of 235k. That’s the highest print since October 2021 and this brought the 4 week average up to 237k from 230k. Continuing claims, delayed by a week, in contrast fell to 1.757mm from 1.794k and below the forecast of 1.8mm.

Bottom line, are we on the cusp of the next move hi…