Gee, look at that! new jobless claims soar well above expectations, even WITH seasonal holiday hiring. Think this is bad? Just wait until we see January 2013′s numbers. Don’t say I didn’t tell you so.
Get ready for the “it’s all Sandy’s fault” barrage, because the post-reelection status quo sure will desperately need it today. The latest initial claims data posted a multi-year high 104,548 surge in weekly NSA claims from 361,800 to 466,348, and even the Seasonally adjusted number soaring from 361K to 439K on expectations of a 375K print. In other words, a complete disaster for any economic data bulls. What is truly amusing is that the same Wall Street “experts” who set expectations were unable to foresee the Sandy effect that every “macrotourist” on Twitter apparently is so very aware of. Also, it is apparently also “Sandy’s fault” (now that the Bush excuse is back in retirement) that the prior week’s claims were revised from 355K to 361K. Basically, just as we said 3 weeks ago, ignore every negative data point: it is Sandy’s fault. However, for the snapback, when there actually is good news to be had, well, “four more years.” Finally, to all the Sandy apologists: is the logic here that: if Hurricane, then Fire everyone? Because that is what is implied. To summarize: a hurricane is good for GDP (lots of broken windows), but any actually negative news (surge in firings) is perfectly expected.
There’s more:
Just gets better: Hawaii, Oregon and Puerto Rico didn’t report claims data, causing the Labor Department to estimate their totals.
— zerohedge (@zerohedge) November 15, 2012
FTW:California and Virginia provided their own estimates.
— zerohedge (@zerohedge) November 15, 2012
Also, The Hopium is Depleted:
“The General Business Conditions expected six months forward dropped to its lowest level since March 2009.” – Zero Hedge
Related Reading:
Instapundit: SUCKERS! Surprise! Jobless Claims Up 78,000 Week After Election; PA, OH Worst Hit. We sure are learning a lot of new things now that the election’s over.
Forbes: The Federal Housing Agency is running out of money.
HuffPo (9/27/12): Postal Service Set To Default On More Than $5 Billion Payment For Second Time Since August
