Still on anesthesia but I'll give you what I got on the data and the Pavlov dog's response with stocks

Sorry for the late reporting on the 8:30am data as I'm still on anesthesia after check up colonoscopy (sorry for details and all good). Bear with me if I then say something nonsensical. 

Before I get to the data, which was broadly weak, we can see what the stock market is doing here and I've seen this movie before. They are ignoring the continued softness in the macro. Amazingly ignoring what Target and Walmart are saying about the US consumer, who we know make up the bulk of US economic activity, all because it thinks the Fed and some rate relief will save us.

The labor data continues to weaken and now we have a further pick up in the pace of firing's on top of the continued rise in continuing claims. Initial claims rose to 231k from 218k and that was 11k more than expected. That is the highest in 3 months and brings the 4 week average to 220k from 213k. I'm not sure what impact, if any, Veterans Day had. Continuing claims rose by another 32k to 1.865mm, the highest since November 2021. 

Bottom line, those receiving benefits are staying longer in doing so and now we are on watch that the number of firing's might be increasing.