Zerohedge breaks down the data in the way the mainstream media won’t – truthfully.
In a absolutely shocking development, initial claims for the week ended May 5 printed in line with expectations of 370K, but to make the Mainstream Media’s life easy and unleash all those “Initial Claims Decline by 2,000” headlines, last week’s number was increased from 370K to 372K (ignore that NSA number increased by 2,515). Continuing claims missed expectations of 3250K printing at 3260K, but down from an upward revised 3289K. Needs to say this week’s 370K adjusted print will be revised higher to 372-373K and the MSM will fall for it all over again. More importantly, the ongoing collapse in those collecting extended benefits now that legislation has halted extensions is becoming more acute: 40K dropped off Extended Claims and EUCs. More importantly, Durable Goods rose by 0.2% in April to $215.5 billion, as expected. However, when removing the traditionally volatile transportation component, Durable goods slid by 0.6% on expectation of a 0.8% increase; compared to -0.8% in March; Cutting out Capital Goods and Non-Defense Aircraft, the collapse was even worse, printing at -1.9% on expectations of a 0.8% print. And the March number was slashed from -0.8% to -2.2%. The is now the second in a row. Cue downward revisions to Q2 GDP any second.