Initial claims fell 10k from last week’s revised (and missing 5 states) data for its biggest beat in 2 months and lowest print in 2 months. The ‘consistent’ YoY ebbing of the initial claims print (aside from the last month or so’s statistical glitches and idiocy) is all too predictable and the market simply shrugged as the claims data remains the least correlated to any sense of employment reality of all jobs data. This is the first supposedly “clean” data with no estimates in 2 months, however, the BLS is quick to point out that “claims are difficult to seasonally adjust during holidays” – so another pinch of salt for this data point.
but ‘it’s different this time’ and not structural at all…
Still think the claims data has anything useful to say about the economic progress the US is making?
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/4JdFLlLTnIk/story01.htm Tyler Durden