Initial Claims Finally Beat Expectations As Prior Number Revised Higher As Usual
Well, we were half right earlier when we predicted a miss in claims coupled with a material upward revision in the prior number. We did get the revision from 388K to 392K for the week ended April 21, but the current week, which was expected to print at 379K, came at a far better 365K, a drop of 27,000 from the revised number, which happens to be the biggest percentage drop since July 2011, and the biggest expectations beat since July 2009. In other words, baffle them with bullshit as economic doctrine continues: will NFP beat tomorrow, won't it? All depends on when Bernanke feels like launching the NEW QE. In other words, the number came in good (for the first time in 6 weeks), which of course is horrible news for a market which continues to levitate higher on hopes of more monetary heroin.
Biggest expectations beat since July 2009:
In other news, continuing claims came at 3276K on expectations of 3311K, from an upward revised 3329K, Non Farm productivity declined less than expected or -0.5%, on Exp. of -0.6%, and finally those falling off extended benefit claims, including EUCs, was a whopping 62.3K: these are people who no longer get a $400 monthly paycheck from Uncle Sam.