Jobless Claims Drop By 36,000, Print At 383,000, On Expectations Of 410K

Tyler Durden's picture

So what is wrong with this picture: 457,000; 419,000 (upward revised of course from 415,000); 383,000. Those are the initial claims (Seasonally adjusted, as in adjusted for snow) over the past three weeks. Stock vol (which is now non-existent), has moved to BLS economic time
series... And yes, we had a sub 400k print in December, which was also
one of those "the economy is stronger, no doubt about it moments." Most notably, the data is for the week of February 5, when all of
America was covered in a blizzard. Odd how that is not mentioned.
And someone is supposed to take this number seriously? Not the market, as stocks don't respond one bit. Oh yes, the weather. One thing is certain: no snow removal workers were fired in the past month, right BLS? In the meantime, NSA claims come at 438,548, a 26k drop from the prior week number. And the cliff keeps pushing out: those on EUC and extended benefits changed by +100K and -16K respectively. Continuing claims came at 3,888K on expectations of 3,900K, with the previous number naturally pushed up from 3925k to 3935k.

Full report.