Econoday was expecting a reading of 383K claims.

The prior week was revised higher by 3K claims.

DoL Release:

http://www.dol.gov/opa/media/press/eta/u....

Partial quote:

Quote:

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending June 16, the advance figure for seasonally adjusted initial claims was 387,000, a decrease of 2,000 from the previous week's revised figure of 389,000. The 4-week moving average was 386,250, an increase of 3,500 from the previous week's revised average of 382,750.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending June 9, unchanged from the prior week's unrevised rate.

The advance number for seasonally adjusted insured unemployment during the week ending June 9 was 3,299,000, unchanged from the preceding week's revised level. The 4-week moving average was 3,293,750, an increase of 5,250 from the preceding week's revised average of 3,288,500.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 359,578 in the week ending June 16, a decrease of 17,032 from the previous week. There were 394,286 initial claims in the comparable week in 2011.

The advance unadjusted insured unemployment rate was 2.4 percent during the week ending June 9, unchanged from the prior week's unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,091,004, a decrease of 212 from the preceding week. A year earlier, the rate was 2.8 percent and the volume was 3,491,533.

The total number of people claiming benefits in all programs for the week ending June 2 was 5,826,164, a decrease of 1,164 from the previous week.

Quote:

In the week ending June 16, the advance figure for seasonally adjusted initial claims was 387,000, a decrease of 2,000 from the previous week's revised figure of 389,000. The 4-week moving average was 386,250, an increase of 3,500

Yeah, that's SOP - revise the previous number up and the current number actually looks like a decrease - until it gets revised up the following week. Just ignore it and follow the 4 week moving average.

It is monkey time.

Things are really turning around now.

If Fed easing, more banker lies, money printing and a Government orgy of credit spending didn't work over the last four years there is only one answer to fix all our problems. More Fed easing, banker lies, money printing and more government spending, then everything will be fine. Paul Kuntman said so and he is supper smrt.