The higher vol environment leads to a big response to claims

As bad economic news is now bad news for the markets, good economic news is also good for the markets as seen by the spike in the S&P futures after the initial jobless figure came in lower than expected by 7k at 233k vs 250k last week. The 4 week average though did rise to 241k from 238k as a print of 223k came out of the calculation. That’s the highest since last August.

And continuing claims did rise another 6k to 1.875mm to the highest since November 2021.