And the economic (downside) hits keep on coming: PMI, ISM, Non-Mfg ISM, ADP and now Initial claims – five out of five misses as the US economy slowly but surely joins the rest of the world in resuming its downward trajectory. Moments ago initial claims printed a whopping 385K, far above expectations of 353K, and far above the upwardly revised 357K (was 353K before). This was the biggest miss to expectations since November. Also, excluding the Sandy aberration, this was the biggest two week surge in claims since April 2011. Continuing claims also missed, printing at 3063K, above expectations of 3050K. Sure enough, the excuses begin: sequester, Easter (two states estimated which means actual number is likely even worse), weather (unclear if warm or hot), Cyprus, and generally, stuff… Just not the economy. Never the actual economy. Because it is impossible that with $85 billion inject per month into the market economy, that things would be just getting worse and worse.
