Initial Jobless Claims Confirm Hillbama's "Everything Is Awesome" Meme; But...

Initial jobless claims continue to live in a distorted world of its own... Against expectations of 265k, claims beat with a 260k print - flat to last week and stuck near 42 year lows suggesting we've almost never been better.

 

Forward-looking expectations of employment in Services and Manufacturing sectors looks bad... and did not end well last time...

 

Even The Fed's own 'data' disagrees with The Department of Labor...

 

And finally actual activity refuses to play along with the Department of Labor's guess at initial jobless claims...

 

So, to summarize, actual activity, Fed data, and business expectations of employment are all deteriorating - as claims hovers at 42 year lows. What's wrong with these pictures?