ubmitted by Tyler Durden on 07/12/2012 08:34 -0400
BLS
Bureau of Labor Statistics
Continuing Claims
First the expected: last week's 374K in initial claims was revised upward to 376K as is now the norm. Then the unexpected: this week's initial claims dropped to 350K, well below expectations of 372K, and purely an artifact of the holiday shortened week as this was the biggest miss to expectations since November 2008. Of course, the Not Seasonally Adjusted claims number rising by 70K is very much irrelevant: it is all about statistical smoothing as those who have leaked access to early release BLS data will tell us. Finally, here is what the BLS actually said: "onetime factors such as fewer auto-sector layoffs than normal likely caused the sharp decline." Continuing claims did miss expectations of 3300K printing at 3304K, and down from a revised 3318K. The market reaction is typical schizophrenia: first risk is up on "better than expected" news, then right back down as the meme spreads that this makes the NEW QE even less realistic. Our condolences to all whose job it is to trade this newsflow. Finally, in the all important cliff category, another 13K fell off extended claims programs, and no longer are eligible for Uncle Sam funded X-Box 360 playtime compensation.
http://www.zerohedge.com/news/initial-claims-holiday-shortened-week-drop-350k-upward-revised-376k?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
midgetrannyporn
midgetrannyporn's picture
My condolences to all whose (lost) job is this newsflow.
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Thu, 07/12/2012 - 08:48 | 2609509 ihedgemyhedges
ihedgemyhedges's picture
How 'bout the plunge in import/export prices. Export prices went straight down the toilet. QE3 ain't dead with this report.......
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Thu, 07/12/2012 - 08:56 | 2609534 midgetrannyporn
midgetrannyporn's picture
qe will never die. at least everyone (hopefully) now knows that "the market" is a farce. bennie is the conductor and the (overpaid) orchestra is a bunch of washboards, cider jugs, etc..
james larson
james larson's picture
Seasonal adjustment smooths out reality
The advance number of actual initial claims under state programs, unadjusted, totaled 439,743 in the week ending July 7, an increase of 69,971 from the previous week. There were 473,963 initial claims in the comparable week in 2011.
The advance unadjusted insured unemployment rate was 2.4 percent during the week ending June 30, a decrease of 0.1 percentage point from the prior week's unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,102,691, a decrease of 42,328 from the preceding week. A year earlier, the rate was 2.8 percent and the volume was 3,534,925.
The total number of people claiming benefits in all programs for the week ending June 23 was 5,874,035, an increase of 17,011 from the previous week.
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