In the week ending April 30, the advance figure for seasonally adjusted initial claims was 474,000, an increase of 43,000 from the previous week’s revised figure of 431,000. The 4-week moving average was 431,250, an increase of 22,250 from the previous week’s revised average of 409,000.
Oh, and the previous week was adjusted…. once again, up by 2,000. Unbroken we are, aren’t we?
The futures dropped instantly on that release, down about 6 handles. The dollar took a nice leg up.
The amusing part of the release was the explanation – the claim that a “new” program in Oregon was responsible. Yeah, ok. And that explains the +400k number the previous weeks too, right?
This number will not show up in the employment report tomorrow, but it certainly ought to be on your mind. We’re now three weeks solid into the “4” handle area, and we didn’t miss a “5” handle by much.
To those who claimed that employment is turning around: Would you care to revisit that thesis and the efficacy of the programs and policies of our government and Federal Reserve that you have cheered as “saving” the American economy?