Seasonal factors are helping to lift the number. The non-seasonally adjusted number fell 7,320 to 310,121. Seasonal factors adjust for seasonal dynamics, but the factor will tend to support claims in the coming weeks. The factor was 0.834 and among the lowest of the year (remember, the unadjusted claims number is divided by the seasonal factor to calculate the seasonally adjusted number).
The S&P 500 has tended to trade well when claims are low and struggle when claims are high, but the relationship is loose. The graphic displays the relationship between unemployment claims and the S&P 500. Claims are inverted to display the idea that low claims tend to correspond to high stocks.
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