Claims Print Above 400K For 13th Consecutive Week, At 418K, In Line With 420K Expectations
Well the BLS reported Initial Claims that came above 400K for the 13th consecutive week, printing at 418K, in line with expectations of 420K (and a miss as this number will be revised to 420K or higher next week). Continuing claims came at 3,681K on expectations of 3,700K, with the prior number revised higher from 3,702K to 3,724K. As predicted last week "Both numbers this week will be revised higher next week, which will bring the rolling average far higher." In other words, post revision, today's claims data will have been a miss. Which then begs the question, considering the far better ADP number, whether employers have taken a cue from HFT machines and are now hiring and firing workers at an unseen before pace. In other news, those on EUC and Extended benefits both dropped by over 44K in the week ended June 18.
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