The Bureau of Bullshit and Lies can’t coverup the fact that the economy is headed back into recession. John Hussman and ECRI are being proven right, while the douchebags and bimbos on CNBC are being proven to be nothing but mouthpieces for Wall Street. When was the last time a government statistic was revised better? If the data being spewed out by the BLS and the other government drone agencies was truly being gathered and reported in a non-manipulated manner, the revisions would be equally distributed between higher and lower. When will the stock market actually react to the reality of our economic situation? How long can Bennie and his puppeteers on Wall Street keep the market elevated? I wish I knew the answer. Truth and reality don’t matter any more.
Inital Claims Soar Again, Ninth Consecutive Miss To Expectations In A Row: BLS Back To Propaganda School
Submitted by Tyler Durden on 04/19/2012 08:42 -0400
There are those who thought last week’s massive Initial claims miss was the last one. They were wrong. Instead of printing at the expected 370K, an improvement from last week’s already big miss of 380K, this week came at a whopping 386K, the worst standalone print in 4 months. Well, until last week’s revision that is: instead of the 380K print that stunned everyone, last week’s number has now been revised to a massive 388K. Why? So that mainstream media can declare, with a straight face, that this week saw the number of initial claims decline! Here is the reality: last week’s expectation was for a print of 355K. Instead we got a number of 380K. Now this number is being revised to 388K, and is the biggest initial expectation to revision miss since early 2011. Needless to say, this means two things: 1) the transitory bump associated with record warm weather, which was nothing but pulling from the future, is now over, and 2) the April NFP print will be another disaster, which is just as the Fed wants it - after all it is time to start setting the stage for the NEW QE (and certainly not QE3 which is already in place as Jeff Gundlach was so kind to explain) now that Obama is the margin hiker in chief.
The chart below shows the difference between the actual print (revised) and the expectation survey: 9 straight misses in a row.