Today's jobless claims report exploded to 533K for Unemployment 6.7% vs 6.5% in October.
About 422k left the labor force. (Meaning, they no longer count to unemployment numbers)
To make matters worse, the last two months were revised downward significantly.
Oct revised to -320k from -240k
Sept revised to -403k from -284k
This is a recessionary print back from 1970's. The FIFTH worse jobless claims report since 1939.
There is no way in hell it took the government 3 months to "correct" September from 284K to 403K because of lagging accounting/reporting. Its quite obvious the government is reporting what it believes is appropriate, and revising the numbers accordingly when the market can handle the news. It also makes me question is the 533k number will be revised downward in the months to come.
I'm a little torn about this, as an engineer, I want to say the government should do it's job and report the reality, and let capitalism take it's course. But if September number was reported as 403K, the stock collapse would have really gained additional speed.
What's the good news here? Not sure if this is "good news" but Europe and many other countries are facing MUCH worse situation. So relative to the world, this number isn't that bad.
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