The jobless claims today came in at 403,000. Last week, if you remember, it was at 404,000 until they bumped it up to 409,000 during the week. It makes it look like a dive of 6,000, but in reality, it was up 1,000. Those crazy guys at the Bureau of Labor Statistics!
Continuing claims ramped up to 3.719 million from 3.69 last week.
The Philly Fed number surged, surprisingly, from -17.5 to 8.7; that’s a stumper. But before you get jazzed, existing home sales fell – more than expected – to -3%. The weekly Bloomberg comfort index went down from – 50.8 to – 48.4. Bloomberg’s sentiment deepened, too, from -9.2 last week to -11.1 today. Bloomberg economist Joseph Brusuelas said the public “now expects economic conditions to deteriorate regardless of the recent increase in activity.” People also may start to tap into savings.