It’s no surprise that last week’s unemployment claims, which came in at 401,000, were upped to 405,000 during the week. We’re used to the Bureau of Labor Statistics “revisions.” Today’s number was 404,000. It will probably be revised upward by next Thursday, too, but anyway you slice it, it’s a bad number.
Add to that, non seasonally adjusted claims soared by 66,442.
As for the trade deficit number, it met expectations at a minus 45.6 billion. Zerohedge blog has some insight on this. He writes, “last month’s number, which gave all the banks hope that Q3 GDP was going to be a whopping beat (the street estimate) and got so many lemmings to re-revise their GDP forecast higher, was reduced from – 44.8 billion to -45.6 billion, meaning Q3 GDP is right back down where it belongs.”