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Street Color: Street Reaction to Initial Jobless Claims (965K vs 789K Est vs 784K Prior)

01/14/2021 | 12:21pm
(MT Newswires) -- Jefferies: This week's report suggests that there must have been some backlogs and processing delays over the holidays as claims finally caught up with what we had been expecting. (Thomas Simons)

HFE: The impact of new restrictions that are resulting in business closures and layoffs is appearing in the data now. Risks are skewed to the downside, especially in the containment-sensitive service sector. (Rubeela Farooqi)

Amherst: It would not be unreasonable to think that there was a one-time burst of people enticed to sign up for benefits by the addition of $300 per week supplemental payments, nor to imagine that said burst would come in the first full week after the holidays. (Stephen Stanley)

Pantheon: Claims likely will drop next week to about 850K, and then fall to about 700K the following week, unless the underlying trend rises further. (Ian Shepherdson)

BMO: I'd be cautious on one week's move in initial claims, particularly one that is likely wrought with special factors. But there is no denying that the job market is in a tough spot in this pandemic. (Jennifer Lee)

(Street Color news is derived from real time discussions with market professionals globally subscribed to the Street Color Premium Chat service on Bloomberg IB Chat and the ICE IM. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

© MT Newswires 2021
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