Initial Jobless Claims Leap +69k to 375k

Initial jobless claims rose to over a two year high. This was the largest weekly jump in claims since Katrina. With the large moves in claims in recent weeks, both higher and lower than expected, many are blaming poor seasonals for the volatility. The market had been looking for initial claims to rise to 319k. The four week average rose 11k to 326k. Continuing claims also rose more than expected.