Reviewing the initial unemployment claims, this time at 427,000 for last week, is becoming something of a checklist:
- Higher than expected – Check (Bloomberg’s economists predicted 419,000, Reuters’ economists predicted 415,000)
- Unexpectedly higher than expected – Check (both Reuters and Bloomberg put it in the headline and the lede)
- Prior week’s number revised upward – Check (Tom Blumer notes the prior week’s increase from 422,000 to 426,000 is the 14th week in a row this has happened)
Can you say, “Double-Dip DEMpression”?