“We recently saw U.S. initial jobless claims tick up a bit.
While it’s far too early too call it a trend, we can certainly think in terms of hypotheticals.
Enter Citi chart guru Tom Fitzpatrick, who presented some eerie charts of initial jobless claims and the Dow to King World News.
“Initial Claims, one of our favorite leading indicators of the overall economic picture, appear to be bottoming, pointing to a deteriorating employment situation in the US,” said Fitzpatrick. “Fitting with idea that a low could be forming just as it did in late 1978.”
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Again, it’s too early to call a turn in jobless claims.
Here’s Fitzpatrick’s chart overlaying the Dow today with the Dow during the 1970’s
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Fitzpatrick concludes….”
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