Initial jobless claims dropped (again) last week to 191k (fewer than expected) and once again standing in the face of anecdotal evidence of waves of headlines of mass layoffs.

Source: Bloomberg

Continuing claims remained below 1.7mm.

California and Illinois saw the biggest weekly drop in claims while Indiana and Massachusetts saw the largest increase...

Assuming a 3mo lag between monetary policy and its effect on the economy, we can comfortably claim that something's broken...

Source: Bloomberg

Maybe what we really need is a banking crisis to collapse credit?