by Bespoke Investment Group
Weekly jobless claims this week surged to 474K from last week's upwardly revised level of 429K. This is the highest weekly total since August 2010 (right before QE2 was announced). It is also the fourth straight week where claims have been above 400K, bringing the four week average up to 431K, which is the highest reading in 2011. Needless to say, sentiment heading into tomorrow's employment report is not too positive.
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