Initial Claims Print Better Than Expected At 390K, Last Week Again Revised To 400K

The only question we have is how much higher will this week's 390K number be revised to next week in continuing the BLS one trillion sigma tradition of revising every prior number higher and never lower. As it stands, the 390K is the lowest since April, and a drop of 10K from both the previous print and expectations. In other news Non-seasonally adjusted claims increased by +29,106 to 398,753: this is the second highest number since July. What was also notable is that those on EUCs and Extended Benefits rose by 43K in the past week, an odd reversal to the now persistent issue of 99'ers hitting the cliff. In other news, the previous continuing claims number was revised worse by 24k from 3,683K to 3,707K which means today's 3,615K number will also see a downward revision soon. Regardless, no matter how one looks at this, the Claims number confirms there is no net job creation, and considering the bloodbath on Wall Street that will occur over the next month which will affect very high paying jobs, the bottom is about to fall out where it hurts the most: tax collections, which means the government will once again be forced to do what it does best: print paper, with the Fed firmly in tow to monetize it. Same old song.


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