Initial and Continuing Claims come out better than expected
Written July 16, 2009 at 8:31 AM EST by Greg Michalowski
Initial Claims fall to 522K from 569K.
Continuing Claims fall by larger than expected to 6273 from a revised 6915.
All are better than expected. NOTE however, that there is a seasonal bias that the Labor Dept says may be effecting the data. Normally, auto makers shut down at this time. Since plants are already idled, they may be influencing the number to the downside. On the flip side, they may have effected the prior numbers to the negative side. The net effect may be to wait and see how things pan out next week.
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