The markets took higher than estimated initial jobless claims as an excuse to sell off on the open today. It is worth noting that these 'estimate' are nothing but throwing darts at a board in this extremely volatile environment with massive government interference in private enterprise.
As we write, the equity markets are rising off the session lows as traders focus on the massive explosion in manufacturing registered by the Philadelphia Fed Manufacturing Survey, which blew away the estimates.
This is the real story of today's release of economic indicators.
In short, the American economy is recovering quickly. Those who want to milk unemployment for as long as they can will. We suspect they'd rather be demonstrating, looting, and breaking things, or smoking dope at CHAZ. However, those that want to work are doing so.
Continuing Jobless Claims (Jun 5) printed at 20.544M vs 19.8M consensus estimate.
Philadelphia Fed Manufacturing Survey (Jun) printed at 27.5 vs -23 estimate.
Initial Jobless Claims (Jun 12) printed at 1508k vs 1300k estimate.
Initial Jobless Claims 4 week average (Jun 12) printed at 1773.5k.
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