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  • Talk about a snow job 0 comments
    Feb 25, 2010 8:59 AM | about stocks: QQQ, SPY

    Jobless claims came out weaker than expected this morning at 496,000.  We probably hit 500,000 but the labor department tweaked some assumption and it kept it under 500,000.  They also offered their brilliant insight, again using seasonality and the seasons to explain away all bad news by pointing to a claims processing backlog caused by the snow in the NE.  Don't they know that claims are by and large processed on-line?  Talk about a snow job!!

    On Thursday February 25, 2010, 8:34 am

    WASHINGTON (NYSE:AP) -- The number of new claims for unemployment benefits jumped unexpectedly last week as heavy snows caused layoffs to rise.

    A Labor Department analyst says mid-Atlantic and New England states are still processing a spike in claims stemming from the bad weather two weeks ago.

    The department says first-time claims for unemployment insurance rose by 22,000 to a seasonally adjusted 496,000. Wall Street analysts polled by Thomson Reuters expected a drop to 455,000.

    The four-week average, which smooths volatility, rose by 6,000 to 473,750. Continuing claims were essentially unchanged at 4.6 million.

    Initial claims are considered a gauge of the pace of layoffs and an indication of companies' willingness to hire new workers.

    Disclosure: No stocks mentioned
    Stocks: QQQ, SPY
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