U.S. initial unemployment claims rose by 61,000 to 719,000 last week, which means ……… Hell, I don’t know.

The 4 week average fell though.

The weekly average for the before times was a little bit over 200K:

Filings for unemployment benefits rose last week but remained near their lowest levels since the pandemic’s onset, amid signs of a broader U.S. economic recovery.

Workers filed 719,000 initial jobless claims, on a seasonally adjusted basis, in the week ended March 27, the Labor Department said Thursday. The increase followed a downward revision to 658,000 initial claims the prior week, the lowest point since the pandemic hit in March 2020.

The four-week moving average, which smooths out volatility in the numbers, fell to 719,000, also a low during the pandemic.

I’m not sure what it all means in terms of trends, but until the weekly number drops below 300K, I would not take my foot off of the gas pedal.