A.M. Update – Initial Jobless Claims Surge; CPI Hotter Than Expected

S&P futures are down -0.3%. Weekly initial jobless claims surged higher to 258,000 (consensus 229,000) and last week’s total was 225,000. The jump was the most since July 2021; and to the highest since August 2023 (258k). Much of the effect is hurricane related. Continuing claims also increased at 1.861 million and last week’s total…