Initial Claims 434K On Expectations Of 455K, Previous Print Revised As Expected Higher To 455K
Since the current week claims number is irrelevant and will be adjusted higher next week, we first point out last week's 27 or so consecutive revision, which was pushed higher from 452K to 455K. This also brings the total YTD prior revision at 34 up and 6 down. The current week number of 434K was below expectations of 455K. Look for the next week's revision to meet or beat the actual expectation but who will care then. In the meantime, with the last number before QE2 announcement, we expect the Primary Dealers to immediately tell the Fed no more POMOs are needed. And as an aside, continuing claims were revised from 4441K to 4478K. This is 40 up revisions, and 2 down.
Probably the most important data from an economic perspective is that 400k people dropped from EUCs and extended claims.
The chart below tells the complete revision picture:
h/t John Lohman