Jobless Claims Back Over 400K, 26th Week In A Row Over 395,000

Somehow the robotic knee jerk reaction to claims surging back to over 400k, which means the economy is not creating jobs, was enough to generate a jump higher in futures, confirming the market is now only and all about wild momentum swings and attempts to sucker other suckers in. And another way to spin at the data: this is the 26th consecutive week of claims of 395,000. In summary: In the week ending October 1, the advance figure for seasonally adjusted initial claims was 401,000, an increase of 6,000 from the previous week's revised figure of 395,000. The 4-week moving average was 414,000, a decrease of 4,000 from the previous week's revised average of 418,000. The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending September 24, a decrease of 0.1 percentage point from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 24 was 3,700,000, a decrease of 52,000 from the preceding week's revised level of 3,752,000. The 4-week moving average was 3,739,000, a decrease of 9,750 from the preceding week's revised average of 3,748,750. Americans on EUCs and extended claims tumble once again as more and more people formerly sponsored by the US government hit the 99 week cliff - 1.6 million people have now dropped from extended benefit rolls in one year - these are people who have virtually no hope of finding any remotely competitive job having been out of the work force for 2 years. But yes, take futures higher: nothing but good news here.

Initial Claims with averages over highlighted periods:


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