Orwell Would be Proud…

20 Sep

Of Obama’s BLS… (one letter too long, perhaps?)

Today’s initial claims print was the 5th week out of 6 in which expectations missed: instead of coming in at the consensus number of 375K, down from last week’s 382K, the BLS reported a miss to expectations of 7K, resulting in a seasonally adjusted number of 382K, or what is now once again secular shift higher. But, wait big miss was actually good news: why? Because the ever data-massaging BLS was kind enough to revise last week’s print upward (for the 86th week in a row) from 382K to 385K (just as we predicted last week) which in turn led to such farcical headlines as ” U.S. weekly jobless claims drop slightly to 382,000” from the WSJ

…unlike the past year when horrible claims prints were good news for stocks, this time around futures are finally tanking on reality as all QE to infinity and beyond has been priced in…

“There are some ideas so wrong that only a very intelligent person could believe in them.”

Zero Hedge

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