Submitted by Tyler Durden on 08/16/2012 - 08:51 Continuing Claims Gross Domestic Product Housing Starts
As has now become the norm, last week's initial claims was revised higher (because no algos care about what the real number was with a one week delay) from 361K to 366K (see chart below of cumulative impact when incorporating the next week revision), even as this week saw a modest miss at 366K on expectations of 365K. This "modest" 1K miss will be revised to a 4K miss next week. And while continuing claims also missed expectations by 5K, printing at 3,305K, it was the cliff of extended benefits that continues to bite, with another 64K people no longer collecting Uncle Sam's 99 week free dole in the week ended July 28. This brings the last two weeks' total to nearly 200K: unless this handout was replaced by disability payments, the hit to GDP will be material.
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http://www.zerohedge.com/news/initial-claims-rise-housing-starts-drops-nsa-housing-permits-three-month-low
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