Everybody is all up in arms because the weekly initial claims data was released 15 hours early. Yup, folks, people trade on this report and it's a classic example of herd behavior.
Initial weekly unemployment claims for the week ending on February 4, 2012 were 358,000. The DOL reports this as a decrease of 15,000 from last week. The previous week was revised, from 367,000 to 373,000, an increase of 6,000.
Initial weekly unemployment claims for week of August 20th were 417,000, an increase of 5,000. The previous week was revised up 4,000, from 408,000 to 412,000.
Initial weekly unemployment claims increased to 427,000, a 1,000 increase in a week. Additionally, last week was revised up to 426,000, from 422,000. The 4 week moving average is 424,000. A weekly average above 400,000 does not indicate job growth and we now have a pattern of initial unemployment insurance claims going backward, the wrong direction for jobs.
Initial weekly unemployment claims decreased to 385,000 this week and last week was revised up to 401,000. The 4 week moving average dropped to 386,250. Weekly unemployment claims seem to be hovering right above the job creation point of 375,000 per week now.
Initial weekly unemployment claims decreased to 391,000 this week. The 4 week moving average is getting close to the magic number of below 400,000, now at 402,000. Last week's initial unemployment claims, seasonally adjusted, was revised to 413,000.
Initial weekly unemployment claims decreased to 404,000 this week. Remember when on December 30th, Initial Jobless Claims dropped below 400,000 and everyone cheered? Then, the last week IUC jumped up to 445,000? Which pattern is true? Well, they both are.
Initial weekly unemployment claims dropped to 388,000 this week. This is the first time initial weekly unemployment claims have dropped below 400,000 for 2 years, 5 months or July 2008.
Initial weekly unemployment claims dropped to 420,000 this week. To combat the never ending press buzz that this means something good, let's look at the details. Initial weekly unemployment claims is a volatile number, subject to revisions.
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