Initial Claims Surge To 479K, Trounce Expectations Of 455K, Severe Deterioration From Last Week's 460K
The week ended July 31 saw 479K initial jobless claims, obliterating the expectation of a minor improvement of 455K from the prior week's 460K (revised from 457K). Continuing claims continue rising, and are now at 4537K versus expectations of 4515K. We are certain that this latest horrendous economic data point will be spun positively in 3....2....1.... (in the meantime the ongoing US collapse is about to drag the USDCAD back to parity).
The only silver lining: those who had previously fallen of insurance lists, are now back to collecting subsidies from the government, as the ranks of those collecting EUC and Extended Benefits increased by 257K in the week ended July 17, courtesy of Obama's most recent "communism-lite" stimulus.