We have no real idea what the number next week will be, but we can be pretty sure that for the next few weeks the data will tell us next to nothing about the state of the economy across the country outside the areas hit by the storm.
More Quotes from Ian Shepherdson:
It now appears that the trend in jobless claims is stabilizing at about 400,000 per week, ... This is well above the trend level at this time last year, but it is no higher than in the spring. This means that layoffs are continuing at a rapid pace, but they are not accelerating.Ian Shepherdson
The bottom line is that a one-month decline in this measure does not reverse the clear, firm upward trend.
Ian Shepherdson
With three sub-300,000 numbers in the past four weeks, it is beginning to look as though there has been some real improvement in the labor markets this year.
Ian Shepherdson
A strong U.S. corporate recovery is brewing right now -- this survey implies 4 percent gross domestic product growth,
Ian Shepherdson
The rise in oil prices was always likely to hit these numbers with a vengeance, and the petroleum deficit duly rose by 1.4 billion.
Ian Shepherdson
Mr. Greenspan said next to nothing about the current economic situation in his testimony, ... does not sound to us like a signal he has changed his mind on the appropriateness of the current level of interest rates. The rest of the testimony was a clear and unambiguous plea to Congress not to abandon fiscal discipline.
Ian Shepherdson
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