Last week, initial jobless claims unexpectedly drop to 339K from 369K. It was the best reading since 2008.
The number caused a hullabaloo because a DOL analyst told reporters at the media lockup that one state was responsible for the decline.
The statement turned into a game of broken telephone and fingers were pointed at California and feelings were hurt all around. Eventually, Business Insider seemed to get to the bottom of it.
This week’s number is expected at 365K but (needless to say) most of the economists forecasting it have no idea what’s going on. It could be anywhere from 330K to 400K. Either way, the market will be initially skeptical.
