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June Swoon: Unemployment Claims Refuse To Drop

Wall Street appears to take a pause in its June Swoon this morning at least, appearing to take heart, momentarily, by a drop in unemployment claims. According to CNBC, "the number of Americans filing new claims for unemployment benefits fell last week, pointing to moderate job growth despite slowing economic activity," with initial unemployment claims at the state level dropping "11,000 to a seasonally adjusted 346,000," according to Labor Dept. statistics.

Of course, "claims for the prior week were revised to show 3,000 more applications received than previously reported," and this week's figures, no doubt, will be adjust upward somewhat next week, continuing the little charade the Feds have been playing with these numbers for what seems like ages. And these numbers, of course, don't take into account the systemic unemployment rate, aka, those who have exhausted benefits and can no longer apply again. In other words, stasis really is the constant here.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.