California Distorts Unemployment Numbers, Fed Vice Chair Predicts Economic Glide Path.
Perspective, it is often the most important attribute in reviewing the economic data that we receive on a daily basis.
This morning it was announced that the Initial Claims for Unemployment jumped a totally unexpected 50k plus, to nearly 900,000 new claims. This caught Wall Street totally by surprise, and helped create the very weak market that we saw first thing this morning.
But before we jump to the conclusion that this new unemployment number indicates an end to the recovery, we need to take into account the apparent “Fraud” to use the term both Zero Hedge and Bloomberg have used to describe the current unemployment figures coming out of California.
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