Initial Claims Propaganda 101
And just as we predicted moments ago, here comes the "mainstream" media.
As a reminder, we said seconds ago:
Instead of printing at the expected 370K, an improvement from last week's already big miss of 380K, this week came at a whopping 386K, the worst standalone print in 4 months. Well, until last week's revision that is: instead of the 380K print that stunned everyone, last week's number has now been revised to a massive 388K. Why? So that mainstream media can declare, with a straight face, that this week saw the number of initial claims decline!
Another way of visualizing:
Sad how predictable the government's lies and propaganda machine has become. Expect this week's number to be revised in the 390K+ range, just so the unrevised next week's print of upper 380K can again be a, you guessed it, decline.
For those not on the propaganda hopium dole, this is how YTD revisions look like, courtesy of John Lohman - over 90,000 additional layoff mysteriously not accounted for by the market's algos which never care about revised data.