Jobless Claims Deterioration Continues - Print At 484K Versus Expectation Of 465K, Prior Revised To 482K
Continuing claims improved marginally to 4,452MM from 4,535MM expected (previous revised to 4,570), but much of the volatility in this series is due to transitions into EUC and Extended Claims. The one main indicator, initial claims, continues to deteriorate and will soon pass the 500,000 mark which will be the final confirmation the US never left the depression but merely enjoyed an 18 month sugar high courtesy of tens of trillions in incremental debt. And here come the jobless who had fallen off insurance rolls: EUCs surged to 4,493,351: an increase of over 1.15 million! Add the Extended Claims jump of 180K, and those on total extended rolls jumped by 1.3 million in one week. These are votes that surely would not have gone for administration come November if their subsidies had not been returned.