Today we got the weekly jobless numbers plus inflation indicators plus the Philly Fed manufacturing number.
But since all of these numbers get played with, they aren’t worth much. For example, jobless claims were said to have risen 20,000 to 360,000. This week the Labor Dept. guessed when it figured the numbers for California, Virginia, Hawaii and Washington, D.C. Last week they guess on Illinois and Connecticut. Will it be New York and Missouri next week? Your guess is as good as mine – or theirs. Tyler Durden notes that this is the same number of claims from exactly a year ago. How’s that jobs program working out for you?
Fox Business News reports that “The Labor Department said inflation at the consumer level remained unchanged in January from December. Economists were expecting a 0.1% gain. Excluding the food and energy components, prices were up 0.3%, topping the 0.2% gain expected and marking the largest rise since May 2011.” Yeah, who needs that food and energy anyhow? A fool could have predicted this what with gas going up .50 cents in the past 50 days.
Then “The Philadelphia Federal Reserve’s gauge of manufacturing activity in the mid-Atlantic region fell to -12.5 in February from -5.8 in January. The index was expected to rise to 1.0. Readings above zero point to expansion while those below indicate contraction,” Fox Business reported. That’s the worst in eight months, but who’s counting?
I’m surprised they didn’t try to pin blame on Nemo, the recent storm that hit New York and New England. Or the sequestration. Or Republicans.
Just wait. They will.