Initial Jobless Claims Decline, Continuing Rise, After Prior Upward Revision 23 Of 24
Underrepresented jobless claims, which just like last week and now 23 out of 24 weeks prior, will be revised notably higher next week, came at 445K, on expectations of 455K, after last week was revised from 453K to 456K. Continuing claims, on the other hand, increased from 4,45K to 4,462K, while last week was revised, surprise, upward from 4,457K to 4,51K. At this point, however, good news is bad news, as any economic data that shows even the slightest positive inflection point weakens the QE2 argument. And if November 3 does not see Bernanke announce further easing, stocks will plunge. As for the tail end, those on extended claims and EUCs continue to seesaw, this time jumping by 255K in the week ended September 18, with extended claimants once again passing 1 million and those on EUCs over 4.1 million.