As we predicted last week when we reported that the surprise 398K claims beat was "quite amusing as next week's upward revision will mean the 400k+ streak will continue", we were again correct: today's print of 400K (which will be revised to 404K or so next week) allegedly beat expectations modestly, but the kicker is that last week's 398K was pushed up to 401K, meaning that the unbroken streak of 400K+ prints is now at 18 weeks. Welcome to the depression. Continuing claims came in worse than expected at 3,730K on consensus of 3,700K, from an upward (of course) revised 3,703K to 3,720K. In other words, whatever happens at tomorrow's NFP will happen, without any feedback either positive or negative from today's claims number. In other news, those on extended benefits and EUCs declined by 44K in the week ended July 16. The state breakdown is amusing because while there was not one state with an increase in layoffs of more than 1,000K, there were 18 states with drops of over 1,000K led by California at 23,689 due to "fewer layoffs in the service industry." Said otherwise: the jobless, homeless, marginless, stagflationary depression continues. Bring on QE3 which will seal the coffin of the once great US of A for good.
Below is a chart of the BLS's endless upward revisions. How anybody can claim these liars have any credibility is beyond us.
courtesy of John Lohman