If the Fed was looking for an excuse to cut 50 basis points it found one as Unemployment Insurance Weekly Claims soared.

SEASONALLY ADJUSTED DATA

In the week ending Nov. 24, the advance figure for seasonally adjusted initial claims was 352,000, an increase of 23,000 from the previous week’s revised figure of 329,000. The 4-week moving average was 335,250, an increase of 5,750 from the previous week’s revised average of 329,500.

The advance seasonally adjusted insured unemployment rate was 2.0 percent for the week ending Nov. 17, an increase of 0.1 percentage point from the prior week’s unrevised rate of 1.9 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Nov. 17 was 2,665,000, an increase of 112,000 from the preceding week’s revised level of 2,553,000. The 4-week moving average was 2,589,250, an increase of 20,500 from the preceding week’s revised average of 2,568,750.

Continuing claims rose by 112,000 the highest mark since Dec 24, 2005.

The only debate now is how much the Fed cuts in December. If the next monthly jobs report is miserable and weekly claims remain elevated, the Fed is likely to cut 50 basis points.

Mike Shedlock / Mish
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