Initial Claims Print Unchanged From Last Week's Upward Revised 351K
Snooze of an update from the BLS, which reported that this week's initial claims printed at 351K, slightly better than expected at 355K, but offset by the now perpetual (thus statistically impossible) upward revision in prior week claims, which increased from 348K to 351K, so unchanged week over week. Next week this 351K will be revised to 354K so on top of expectations. That this is driven primarily by ongoing abnormally hot weather (remember the lamentations over last year's cold winter and how it was impacting data adversely - odd how we continue to hear nothing about the opposite phenomenon) is largely ignored. Instead what we will hear is how claims printed at the lowest in 4 years (chart 1). And yet we will hear nothing about how when one adds initial claims to continuing claims to extended benefits, we are just a little bit higher than 4 years ago (chart 2).
Chart 1 - 4 year low.
Chart 2 - not 4 year low.