The soft patch may need to order a lifelong supply of Viagra soon, as the economic news continues going from bad to worse: Initial Claims just printed at 429,000 on expectations of 415,000. Prior was naturally revised higher, the n+1 such revision, from 414K to 420K. Continuing claims also missed the consensus of 3670K coming at 3697K, although in yet another BLS spin job, the number will be presented as a drop, since the previous number of 3675K was revised to, wait for it, 3698K, a one week sequential drop of 1K in continuing claims. The week ended June 4 saw the first spike in recipients of extended claims, with both EUCs and Extended Benefits rising by 68K. Bottom line, this is the 11th consecutive week of 400K+ Initial Claims, which likely means that the June NFP will be revised substantially lower. The state by state analysis showed that not a single state had a decline of more than 1000 claims, while 13 state had a greater than 1000 increase in claims, with the biggest hit being Pennsyvlania and California, at 6,019 and 3,884, due to layoffs in the service, manufacturing and transportation industries.
Big Miss In Initial Claims, Print 429,000 On Expectations Of 415,000, Downward June NFP Revisions Coming
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