More on Initial Claims

The now traditional revision higher of the previous week struck again, it's amazing how many consecutive weeks Initial Claims have been revised higher, but the print of 339k last week was lifted to 342k.

Consensus for this week was at 365k, the Department of Labor said the print was 388k, a huge miss and it will certainly be revised higher next week.

It seems after last weeks shocking jobs data which everyone seems to think was a pre-election load of garbage and I mean everyone, we are back to reality and reality isn't looking good. 

What will be interesting is the market's response, is good news bad news and vice versa or have we turned a corner? Today's trade alone won't answer that question, but over the next 3 days or so we should have an answer.