Weisenthal obviously loves this indicator, and I have to admit it tracks very well with the performance of the S&P 500. I would like to see more than 5 years of history. Read the article here.
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Well here is 45 years of weekly unemployment claims data.
It may run in a correlation with periods of recession, but did not look to be a good indicator for many dramatic market selloffs: 1987, 1990 Kuwait invasion, 1998 LTCM panic.
Oops here is link of data
http://www.ows.doleta.gov/unemploy/wkclaims/report.asp
Awesome, thanks for digging!
Oops, that second link still doesn’t have it, but I think I can find it from there.