Denuded Data!

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:

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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%.

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