Weekly Jobs Number Weak Again

Today the weekly initial claims number came in at 388,000, above the 375,000 estimate. The prior week was revised higher to 389,000. The most troubling of the stats was the 4-week moving average that is now at 381,750 - an increase of 6250 and at the highest level of 2012.

I will be on Fox News Channel at 1:15ET today talking with Megyn Kelly about the numbers and my view on the "real" employment situation.

Here is a long-term chart of the monthly numbers (next report on Friday next week). Clearly the trend higher is slowing, which could be troubling.