Initial Claims for Unemployment MAY be Improving…

Let’s start with what I said last week:

“This week I will wager that the Initial Claims for Unemployment for this week is REVISED UPWARD to 385,000.”

This week (from FoxNews):

“The Labor Department says weekly applications for unemployment benefits fell by 19,000 to a seasonally adjusted 366,000 last week.”

And (from CNBC):

“The prior week’s claims data was revised up to 385,000 from the previously reported 381,000.”

WHAT??  Another PERFECT estimate from your truly!!!  This weeks government propagandists say:

“Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 366,000, the Labor Department said.”

I will wager that next week this number is REVISED UPWARD to 370,000.  Any takers, yet?

I will leave you with two more quotes, first from CNBC and then from FoxNews:

“The unexpected drop in claims last week pushed them closer to the 350,000 mark that analysts say signals labor market strength.”

“When applications fall below 375,000 — consistently — that usually signals that hiring is strong enough to lower the unemployment rate.”

Well, which is it??  350,000 or 375,000??

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