The experts missed the mark again this week when predicting initial jobless claims. My, isn’t that unexpected? But there is a new twist. Last week’s numbers were revised up to 388K, so the government can now say jobless claims went down by 2,000. Isn’t that neat, the way they do that?
Zero Hedge has the details.
There are those who thought last week’s massive Initial claims miss was the last one. They were wrong. Instead of printing at the expected 370K, an improvement from last week’s already big miss of 380K, this week came at a whopping 386K, the worst standalone print in 4 months. Well, until last week’s revision that is: instead of the 380K print that stunned everyone, last week’s number has now been revised to a massive 388K. Why? So that mainstream media can declare, with a straight face, that this week saw the number of initial claims decline! Here is the reality: last week’s expectation was for a print of 355K. Instead we got a number of 380K. Now this number is being revised to 388K, and is the biggest initial expectation to revision miss since early 2011.
Read the whole thing, and be sure to check the chart.
Update: Linked by All Patriot’s Media – thanks!