BBUS, page-512

Jobless data is 3 times higher than the GFC (3.3 million claims) and highest ever recorded!! If you look at the one month rolling average of jobless claims it’s jumped from 765k to 998k. This is a more reliable indicator as it smooths out week to week volatility although it’s still incredibly bad, imagine what the rolling average will be in another month. My view is the markets over reacting because of Q4 GDP data indicating that the US economy grew 2.1%, this doesn’t mean anything if 3.3 million filed for unemployment last week.

Markets up on bad news just like it was in 2013 when QE two was around the corner. Will be a red day for BBUS today unfortunately.