As we expected, last week's jobless claims number of 436k was upwardly revised pretty much as expected. The consensus for this week was 425k, and because a statistically meaningless 4k people less were fired the market spikes up. Of course, next week, the revision will take the number above 425k, meaning it was actually a miss, but who cares: computers continue to read just headlines and see what they like. Continuing claims came 4086k on expectations of 4237k, as the prior was also revised upward. Just under 400k people dropped off EUC and Extended Claims in the week ended Nov 20 as the 99-week cliff issue becomes ever more pronounced: these are the people who have anniversaried 2 years of claims and roll off with no further welfare state recourse.
And most importantly, the Seasonally unadjusted number exploded by a near record 169k, and the NSA unemployment rate jumped from 2.9% to 3.3% in one week!
In other data manipulation news, the BLS data subversion index came in as expected: 87% of initial claims announcements have been revised upward, and a whopping 96% of continuing claims.
What was not included in this report was....-----
Huge spike in NSA claims...massive.
+169,085 to 582,007
611,000 fell off long term as the funding for the 99ers expired.
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