U.S. Department of Labor reports that weekly Jobless Claims Jump 24,000 to 484,000 for the week ending April 10th. This is the highest level since February 20, 2010.
The economic experts consensus estimate was 440,000 so they were only off bullseye by 10%.
Continuing claims cranked up to 4.639 million versus the consensus estimate of 4.580 million. The continuing claims figure is an increase of 73,000 people from the prior reported period.
Emergency unemployment claims were up 261,817 to 5,855,301 which are roughly the entire population of Maryland or the collective populations of Nebraska, New Hampshire and Utah. No big deal as CNBC will give us the green shoots perspective.
CNBC has already put their cheerleading positive spin on the claims number as the Empire Manufacturing Index came in above expectations and Joe Kernan stated to Santelli that maybe the market will focus more on this than the initial claims.
Joe would have you believe that a survey of 175 manufacturing executives trumps 484,000 filing initial unemployment claims and of course a survey of 175 is way more telling than 4.6 million still collecting unemployment benefits. You are pathetic!
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