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Initial Jobless Claims Misses For 5th Week As Trade Deficit Improves Modestly (Thanks To Saudi Arabia)

Tyler Durden's picture




 

Q2 GDP hope remains as a significant surge in exports of automotive vehicles, parts, and engines stalled the collapsing trade balance for a very modest beat (still a $44.4 billion deficit). This is the 2nd biggest trade deficit since November 2012 as imports dropped $0.7bn and exports rose $2.0 billion. Saudi Arabia, interestingly, was largely responsible for the improvement in the trade balance as the deficit dropped from $4bn to $2.3bn. Hope springs eternal but the deficit is still considerably more of a drag on Q2 GDP than it was on Q1 GDP. Initial jobless claims continue to go nowhere but missed for the 5th week in a row).

Trade deficit improved marginally but remains a big drag on Q2 GDP..

 

Saudi Arabia's Trade Balance improved by the most since Nov 2011... to its lowest deficit in 17 months...

 

But initial jobless claims limped higher and missed for 5th week in a row...

 

 

Charts: Bloomberg

 

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Thu, 07/03/2014 - 08:43 | 4920985 buzzsaw99
buzzsaw99's picture

the usa isn't like other loser countries. we can run trade deficit to infinity and beyond without detrimental effect.

Thu, 07/03/2014 - 08:52 | 4921015 Devotional
Devotional's picture

where did you buy your drugs? I want some.

Thu, 07/03/2014 - 08:53 | 4921021 Sudden Debt
Sudden Debt's picture

and it can print money like crazy 7 years in a row and if there ever would be consequeses, it can all revert it in 15 minutes time!

Thu, 07/03/2014 - 10:41 | 4921411 caShOnlY
caShOnlY's picture

the usa isn't like other loser countries. we can run trade deficit to infinity and beyond without detrimental effect.

this has to be a very true statement becuase the stawks just keep rising and everyone knows the stawks equal american economic health.

Thu, 07/03/2014 - 09:42 | 4921196 Pairadimes
Pairadimes's picture

Oh yeah. Balance of trade. We used to worry about that a lot.

Thu, 07/03/2014 - 09:58 | 4921256 replaceme
replaceme's picture

so new jobs was 288 and initial claims is about 315 - are those the same scale, is one weeks and the other months?  I just want to be clear.

Both measure people, not iPhones, right?

Thu, 07/03/2014 - 10:12 | 4921308 Hohum
Hohum's picture

Not seasonally adjusted is down 30K year over year.  Sure, the massive job losses will come, but it does seem that we're muddling through at the moment.

Thu, 07/03/2014 - 10:38 | 4921391 NoWayJose
NoWayJose's picture

Saudi trade balance probably shrunk because we sold them a couple billion worth of new weapons so that they can hold off the 'rebels' that we gave other weapons to.

Thu, 07/03/2014 - 11:20 | 4921541 jballz
jballz's picture

Yeah Saudi buys planes and guns from Yankees. Apparently an extra 700 million. I bet a nickel it was a straw purchase by the wahabbi for their Syrian cannibal brothers to stock up. Have you noticed none of Isis proclamations talk about Mecca? Seems like taking the holy land would be the objective of a new caliphate right down the sandbox.

Saudis are running this bitch, bought and paid for.

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