Expectation of 405,000 ... Actual: 454,000! The BLS calls it a "weather related backlog." Read - snow. Shall we just call it what it is --- Stagflation, baby.
Non-seasonally adjusted number came at 482,399, as 161,913 people fell off extended benefits. Continuing claims: 3,991K on expectations of 3,873K. The actual unemployment is north of 17%.
To complete the stagflationary picture, durable goods decreased by 2.5% on expectations of plus 1.5%, down from -0.1%. "This decrease, down four of the last five months, followed a 0.1 percent November decrease. Excluding transportation, new orders increased 0.5 percent. Excluding defense, new orders decreased 2.5 percent."
The Fed is buying our treasury bonds, because no else will... So is QE3 next?
Thursday, January 27, 2011
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