The seasonal adjustment in the last week's sub 400k initial claims is starting to water out, and the resulting jump in initial claims from 388K to 409K was to be expected. Of course, last week's 388K was revised as always to a worse reading of 391K. More importantly, as we have been noticing for the past 3-4 weeks, the Unadjusted claims continue to surge, and in the last week jumped by 52k to 577,279, nearly 170k more than the Seasonally Adjusted number. Those on continuing claims declined from 4,150,000 to 4,103,000 even as the NSA number again surged from 4,116,779 to 4,390,661. Lastly, those on extended claims were a wash as those on EUCs dropped by 134K while those on extended claims jumped by 110K.
Still an ugly number across the board. ADP's private sector job estimate for December is well over 200k new jobs, but massive public sector layoffs may actually eat up most if not all of that job growth. We'll see the official job numbers tomorrow.
More numbers from Asariel this morning, too.
We hates the evil public employees, just hates them. They is not the pretty white conservatives preciouses with lots and lots of monies.
ReplyDeleteThems evil public employees makes far more monies than any Senator...er...Koch brothers, House Representative...well They makes too much monies. The pretty white conservatives preciouses says so.