Today’s initial unemployment claims data fell 28k to 339k, beating expectations but there was a caveat: one “large state” was excluded from this week’s report. This explains much of the week-over-week improvement and when this rogue state is included next week, we should see claims revert higher.
Jack Welch has been vocal on Twitter in the past week, claiming that the Obama administration is manipulating jobs data in order to make the economy look better. Whether or not Welch is correct is irrelevant because more data keeps coming out that supports his theory.
For now, though, it appears that unemployment claims will continue to trend lower.