Initial Jobless Claims Rise After Massachusetts Fraud Revisions
Initial jobless claims ‘confused’ last week, printing 229k (well below the 245k exp and the 242k prior). BUT, and it’s a big but, Massachusetts – after admitting to widespread fraud – has revised its last three months jobless claims data lower by an average of 14k per week.
The result is that claims actually ROSE last week from a revised lower 225k to 229k…
The last two weeks saw the headline claims revised down 50k jobs (-33k and -17k respectively)
We note that for the second week in a row, MA saw a big decline in claims…
Additionally, Continuing claims continued to trend back below 1.8mm.
Once again, can we really trust this data?
Thu, 05/25/2023 – 08:40
Source: Zero Hedge News
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