And The Reason For Today's Five Years Initial Claims Low Is...
... is not the economy, which as we pointed out earlier just crossed into "worst recovery ever" territory, or even actual layoff events. The reason is, as always when there is a massive "beat" in any US economic data, the same tried and true estimation magic out of the BLS appearing so conveniently at appropriate times, which estimated the claims numbers of 3 states, among which those of the most populous: California.
From Bloomberg: "The number of applications was estimated for California, Virginia and Hawaii because of the holiday-shortened week, the Labor Department spokesman also said."
In other words, upcoming revisions due to "holiday shortened" estimations and seasonal adjustments will be epic, but by then no algos will care. More to the point - the administration is literally throwing the kitchen sink to 'restore confidence' that Bernie is still alive and walking.
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