Claims Print At 395K On Consensus Of 402K, To Be Revised Higher Next Week As FAA Layoffs Are Accounted For
The noise that is the initial claims data presents just one question: will next week's upward revision bring today's 395K print to over 400K (yes, last week was revised higher as always from 400K to 402K, or 18 consecutive weekly 400K+ prints) thereby extending the stretch to 19 weeks in a row, or will we simply restart the count as next week sees another 410K plus print, which is very much disastrous for the economy. The one thing that BLS obvious glaringly forgot were the thousands of FAA employees that were fired, which will almost certainly be added to the rolls next week. Amusingly, in the state by state spread, not one state had an increase of more than 1000, while 10 states reported a decline of more than 1000, led by TN at -4,448 on "no comment." Indeed, same from us, suffice to say that those on EUCs continue to dwindle and drop by another 26K, down from 4,145,702 a year ago to just 3,158,312, a 1MM drop in Americans on 99 week claims who have now anniversaried their government benefits.
For those who want to laugh, here is the joke that is cumulative upward revisions to claims from the Bureau of Lies and Speculation.
And now back to apocalyptic headlines out of Europe.
h/t John Lohman