Yesterday’s employment numbers seemed a bit rosy but I didn’t give it much thought until I saw this. Now it all makes sense. They’re still cooking the books.
Today’s initial claims number printed at 357K, on expectations of 355K, a number which next week will be revised higher once again, likely to 362K. The game here is simple – just show a decline in claims, as what happened to last week’s number, also revised higher, this time from 359K to 363K, just so it can show a 6K decline and allow the idiot media to blow such headline as “Weekly US unemployment benefit applications fall to 357,000, lowest in 4 years” from AP and “Jobless Claims in U.S. Decrease to Lowest Level in Four Years” from Bloomberg. In reality, this is the third consecutive miss of consensus in a row. Give us a break – funny then when one considers that last week’s consensus was 350K, which has since been revised to 363K. Or what about that 348K print the week prior which ended up being a more realistic 364K.
Update: Only 120,000 jobs were added to the US economy last month, yet the official unemployment rate has gone down to 8.2%. Gee, could that have something to do with the 88 million Americans no longer in the labor force?