Unemployment Claims Dip (Because One Large State Didn't Report)
Which large state didn't report its jobless claim numbers? The Obama government isn't saying. So it's probably California. Or Illinois. Zero Hedge opines:
This is just getting stupid. After expectations of a rebound in initial claims from 367K last week (naturally revised higher to 369K), to 370K (with the lowest of all sellside expectations at 355K), the past week mysteriously, yet so very unsurprisingly in the aftermath of the fudged BLS unemployment number, saw claims tumble to a number that is so ridiculous not even CNBC's Steve Liesman bothered defending it, or 339K. Ironically, not even the Labor Department is defending it: it said that "one large state didn't report some quarterly figures." Great, but what was reported was a headline grabbing number that is just stunning for reelection purposes. This was the lowest number since 2008. The only point to have this print? For 2-3 bulletin talking points at the Vice Presidential debate tonight. Everything else is now noise.
It would be good if Vice President Joe Biden is asked tonight whether he believes these latest unemployment numbers. That's unlikely, mostly because tonight's debate is supposed to be about foreign policy and that has become unexpectedly rich soil for Paul Ryan to till -- Benghazigate, the Arab Spring, whether al Qaeda is on the ropes or on the rise, even Fast and Furious has a foreign policy dimension to it.
For unemployment to have improved as much as BLS says it did, the US economy would have had to enjoy its best month in about 29 years. Has it, Mr. Biden? Really? Is that what Steve Wynn is telling you?