Initial Claims Surge Again, Far Worse Than Consensus As Prior Revised Higher As Usual
The BLS playbook in full force today: miss expectations of 405K - check, by printing at 414K; another weekly print over 400K - check (21 out of 22 weeks over 400K), revise prior week's higher - check (from 409K to 412K). Unfortunately, unlike two weeks ago when another blowout miss was reported, this time there is no striking phone carrier to blame it to. And as usual, those coming off their extended claims cliff keeps increasing, with 78K people dropping off EUCs and Extended claims: nearly 2 million people have been cut off from any extended government benefits in the past year. Overall, another weekly data set that confirms that next month's NFP number will most certainly not be positive... or zero.
Weekly initial claims... which are quite sticky.
And all claims which continue declining and have cut 2 million out of subsidized living.