One state may have skewed the jobless claims number (hoping it was Illinois)

Bloomberg explains the drop in jobless claims, saying it was due to the start of a new quarter and an unusual number from one state.

One state accounted for most of the plunge in claims, a Labor Department spokesman said as the data were issued to the press…

Unadjusted claims typically surge at the start of a quarter as people receiving benefits reapply in order for the government to recertify their applications, the Labor Department spokesman said. The year’s increase was smaller than projected, because one large [state] showed a drop rather than an increase, the spokesman said. The breakdown by state will show up in next week’s report.

It would be hilarious if that state was Illinois.

Author: Adam Button

Adam Button is the editor of ForexLive™. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes deeply in the value of knowing every tidbit of news. He has a background in journalism and was formerly the head of the markets team at the Canadian Economic Press. He is a graduate of Ryerson University and completed Level 1 of the CFA program. Adam lives in Montreal, follow him on Twitter: @FX_Button.

13 Comments

  1. Looks like it was Mississippi as they had the largest decrease (-3,393)

  2. It’s a lot of states. Since Monday was a holiday a few states like mine file late.

  3. hi adam, why eurusd strong up ? what happen ? thanks adam

  4. some optimism about Italy after an auction. Greece might be getting a two-year extension. The 200-dma also brought in technical buyers.

  5. It wasn’t mississippi. The state is unknown. We’ll find out next week or if it leaks.

  6. I think also the Spanish downgrade is speeding up the date on which Spain will ask for bailout.

  7. Consolidating for the last 90 min or so… New York session !

  8. Hi Adam. I am not getting forexlive tweets like I normally do?

  9. It appears that the mear fact that some poor partially honest person thought about it enough to put the suspicion out there! Wow, and we thought “Watergate” was appalling, lol Makes it look like childs play now. Maybe we should dig ole Tricky Dick up and let him know about his legacy.

  10. It would be even more hilarious if that state was Massachusets ;)

  11. Hi Tom, we’re having a bit of a technical issue with twitter.

  12. They want to take out options at 2950and 2975. Single print resistance at 2964 from last weeks market profile is also a ket target for bulls. Break that level and sellers will begin to question whether they`re right side of the market in view of the rapid brush off of the Spanish downgrade. If they back off we can expect some short covering of sorts

  13. Thanks Adam. Getting them now.

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