US weekly unemployment claims are trending up with previous figures being consistently revised upwards. A focus on current trends is meaningless, which is why I have been comparing current unadjusted data with historic data. I have looked at the last 9 weeks to 7 April, and historic 9 week periods over the same time frame, and found that current trends represent the worse weekly claims outcomes since at least 1997:
European industrial production data would appear at first glance to offer a positive spin on economic activity in Europe. In February, industrial production rose 0.5%: but, when we exclude energy output, which rose 7.7% over the month, key consumer durable and non durable goods output fell 2% and 1.6% respectively. Capital goods output rose by 0.7% over the month, contributing the vast majority of a modest 0.8% annual increase. Overall industrial production was down 1.8% over the year, supported largely by annual energy output growth of 3.6%.