I almost forgot that it’s Thursday. That means it’s the day we hear about initial jobless claims. This week’s news is bad. Very bad. And unexpected, of course.
Many more Americans filed for their first week of unemployment benefits than expected last week.
The Labor Department said Thursday that 385,000 people filed for initial jobless benefits. That was up 28,000 from a week ago. Analysts were expecting the number of jobless claims to drop to 345,000, according to Briefing.com.
Economists, however, caution that initial jobless claims are very volatile. Only a few weeks ago, they were hovering at their lowest levels since early 2008.
As if the 2008 economy is something to strive for. We never hear anything about the lowest levels since 2006 or 2007.
As usual, Zero Hedge was a bit more candid:
And the economic (downside) hits keep on coming: PMI, ISM, Non-Mfg ISM, ADP and now Initial claims – five out of five misses as the US economy slowly but surely joins the rest of the world in resuming its downward trajectory. Moments ago initial claims printed a whopping 385K, far above expectations of 353K, and far above the upwardly revised 357K (was 353K before). This was the biggest miss to expectations since November. Also, excluding the Sandy abberations, this was the biggest two week surge in claims since April 2011. Continuing claims also missed, printing at 3063K, above expectations of 3050K. Sure enough, the excuses begin: sequester, Easter (two states estimated which means actual number is likely even worse), weather (unclear if warm or hot), Cyprus, and generally, stuff… Just not the economy. (Read More)
Oh no, they can never blame it on this lousy economy. But they can blame Republicans. Hey, why not?