Initial jobless claims reported last week were revised from 350K to 362K, and this week they’ve come in at 372K, dashing the expectations of economists again.
New applications for unemployment benefits jumped 10,000 to 372,000 in the week ended Dec. 29, the U.S. Labor Department said Thursday, reflecting holiday-season volatility and showing little change in the U.S. labor market. The level of claims marked a five-week high. Initial claims from two weeks ago were revised up to 362,000 from an original reading of 350,000. Economists surveyed by MarketWatch expected claims to total a seasonally adjusted 360,000.
The government blames it on the holidays, and estimated the numbers from one state.
The Labor Department official today said the number of applications reflects the effects of the holidays. Eight states and territories provided their own estimates last week and the Labor Department projected the reading for one additional state.
Expect the 372K figure to be revised upward before next week’s report.
As long as the current economic policies continue don’t expect things to get much better.
There used to be a drinking game that was played when the economic numbers would "unexpectedly" rise.
I suspect too many were being admitted to the hospital with symptoms of alcohol poisoning for the game to continue for a lengthly period of time.
Orthodoxy SUCKS.
"I do not feel obliged to believe that the same God who has endowed us with senses, reason, and intellect has intended us to forgo their use and by some other means to give us knowledge which we can attain by them."- Galileo Galilei
RIGHT'S RIGHT 
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Thu Jan 03, 2013 9:18 am
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