B
Black Swan
It is now such a politicised piece of junk it's worthless (other than as a blip in the markets to take a punt on) and an insult to our collective intelligence. Less than a week after the latest figures the rowing back starts;
Initial Claims Surge To 445K, On Expectations Of 410K, Not Adjusted Claims Surge By 191,686 To 770,413 In One Week
So much for that amazing beat in the last 2010 number in initial claims, which is now proven to have been purely a figment of the BLS' imagination and a whole load of guesstimations. Today's initial claims number throws cold water to all those who expected the trend in claims to be improving. At 445K, this was a huge miss to expectations of 410K, and a major deterioration from last week's (upwardly revised of course) 410K (was 409K before). Elsewhere, continuing claims came at 3,879K on expectations of 4,088K (with the previous naturally revised higher as well from 4,103K to 4,127K). And the kicker: in NSA terms initial claims were a mammoth 770,413, a 191,686 increase in just one week, and the highest NSA number in one year! The result: the spread between SA (3.1%) and NSA (3.8%) unemployment rate jumps to year highs. Of course, the BLS blames the huge disappointment on "paperwork delays", yet blamed nobody for the amazing beats in the end of 2010 which brought the market to a complete frenzy.
Lastly, completing the trifecta of bad data, those on various forms of extended claims jumped by 130K, confirming that we are nowehere close to dealing with the "99 week completion" cliff issue, as ever more people roll off continuing claims
http://www.zerohedge.com/article/in...-adjusted-claims-surge-191686-770413-one-week
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The dollar was broadly lower against other currencies Thursday after the weak U.S. jobs report. The Labor Department said the number of people seeking unemployment benefits rose by 35,000 to a seasonally adjusted 445,000 last week, the highest level since late October.
The report was a "setback for the labor market," said HSBC Securities economist Ryan Wang. Jobless aid applications had fallen to a two-year low over the winter holidays, suggesting that employers were laying off fewer workers and hiring more. Still, many other economists said data from early January tended to be choppy and did not necessarily indicate that the jobs market was worsening.
http://www.bloomberg.com/news/2011-01-13/europe-bond-sales-weak-us-jobs-report-hurt-dollar.html
Initial Claims Surge To 445K, On Expectations Of 410K, Not Adjusted Claims Surge By 191,686 To 770,413 In One Week
So much for that amazing beat in the last 2010 number in initial claims, which is now proven to have been purely a figment of the BLS' imagination and a whole load of guesstimations. Today's initial claims number throws cold water to all those who expected the trend in claims to be improving. At 445K, this was a huge miss to expectations of 410K, and a major deterioration from last week's (upwardly revised of course) 410K (was 409K before). Elsewhere, continuing claims came at 3,879K on expectations of 4,088K (with the previous naturally revised higher as well from 4,103K to 4,127K). And the kicker: in NSA terms initial claims were a mammoth 770,413, a 191,686 increase in just one week, and the highest NSA number in one year! The result: the spread between SA (3.1%) and NSA (3.8%) unemployment rate jumps to year highs. Of course, the BLS blames the huge disappointment on "paperwork delays", yet blamed nobody for the amazing beats in the end of 2010 which brought the market to a complete frenzy.
Lastly, completing the trifecta of bad data, those on various forms of extended claims jumped by 130K, confirming that we are nowehere close to dealing with the "99 week completion" cliff issue, as ever more people roll off continuing claims
http://www.zerohedge.com/article/in...-adjusted-claims-surge-191686-770413-one-week
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
The dollar was broadly lower against other currencies Thursday after the weak U.S. jobs report. The Labor Department said the number of people seeking unemployment benefits rose by 35,000 to a seasonally adjusted 445,000 last week, the highest level since late October.
The report was a "setback for the labor market," said HSBC Securities economist Ryan Wang. Jobless aid applications had fallen to a two-year low over the winter holidays, suggesting that employers were laying off fewer workers and hiring more. Still, many other economists said data from early January tended to be choppy and did not necessarily indicate that the jobs market was worsening.
http://www.bloomberg.com/news/2011-01-13/europe-bond-sales-weak-us-jobs-report-hurt-dollar.html
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