Initial Jobless Claims Higher Than Expected

Initial jobless claims have again beaten the expectations of the economists. How unexpected. Actually, the only thing unexpected this week is that last week’s numbers were revised down for a change.

More Americans than forecast filed applications for unemployment benefits last week, a sign improvement in the labor market remains uneven.

Jobless claims increased by 4,000 to 371,000 in the week ended Jan. 5, Labor Department figures showed today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for a drop to 365,000. The prior week’s figures were revised to 367,000 from an initially reported 372,000.

The four week average increased to 365,750 from 359,000, and that’s not all.

As happens at the end of every year when employers turn on the pink sheet machine, the not seasonally adjusted number soared from 490K to 552K in the week ending January 5, a difference to the seasonally adjusted print of 181K. …

Overall a report that confirms that 6 years after the start of the Depression, propped by some $15 trillion in central bank reserve liquidity injections the bulk of which has been used to prop stock markets, there is still no actual improvement in the economy.

Aren’t we just so very lucky that we have four more years of this in store for us?