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.
Thursday, January 13, 2011
Frontrunning: January 13
Frontrunning: January 13
Submitted by Tyler Durden on 01/13/2011 08:26 -0500- Prices Soar on Crop Woes (WSJ)
- S&P, Moody’s Warn on US Credit Rating (WSJ)
- How Oil Affects the Price of Peas in China (FT)
- The banks' ongoing accounting gimmick: JPMorgan Reserve `Bleeds' Distort Record 2010 Earnings (Bloomberg)
- Geithner Urges New Start for U.S.-China Relations (NYT)
- Swiss Franc Slumps After SNB Says Currency Threatens Growth (Bloomberg)
- U.S. Foreclosure Filings May Jump 20% This Year as Crisis Peaks (Bloomberg)... or not
- South Korea raised rates unexpectedly from 2.5% to 2.75% (BBC)
- World Bank Shocker: China To Drive Asian Growth (AP)
- Brisbane Wakes to Devastation, Death as Flood Peaks (Bloomberg)
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