Another Big Miss, US jobless claims rise 'unexpectedly' in second week of June 2012

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6/14/12, "Initial Claims Miss Big, People Falling Off Extended Claims Soar To 135K, CPI Plunges Most Since December 2008," Zero Hedge

"Initial claims print at 386K, a number which will be revised to 390K next week, a swing and a miss to expectations of 375K. This is the 22nd expectations miss in the last 25 reports. Continuing claims also miss expectations of 3270K, printing at 3278K. But the biggest surprise to some (not ZH readers who were warned that 700,000 Are About To Lose Their Extended Jobless Claims Benefits), a massive 135K people fell off the Extended and EUC claims as the 99 week cliff hits more and more. Recall that last week 105K dropped of extended claims. This means that in the past two weeks alone 240,000 people no longer collect the last possible form government unemployment benefits, the most in a two week period since December 2010!. We can only hope they are fat enough to collect the new normal stimulus check: disability....

Finally, the main reason why gold is soaring is that CPI joined PPI in wildly missing expectations, dropping by -0.3%, missing expectations of a -0.2% decline, down from an unchanged number previously. This was the biggest CPI decline since December 2008."

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'Unexpectedly'

6/14/12, "Jobless Claims in U.S. Unexpectedly Rose Last Week," Bloomberg

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6/14/12, "Instant View: U.S. jobless claims rose in latest week," Reuters

"The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, government data on Thursday showed, suggesting persistent weakness in the labor market after stumbling badly in recent months."...

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6/14/12, "US unemployment aid applications rise to 386K," AP

(Ed. note: I didn't see 'expectations' mentioned in the AP story. They did say warm weather this year could be the problem, ie that warm weather in Jan. and Feb. increased hiring that normally would not have been done til later in the year. This is the AP.)

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