There is nothing to excuse last week's once again disappointing jobless claims number which came at 427K, even as the lemming horde was expecting an improvement to 419K. The previous number of 422K was revised as is always the case higher to 426K, in an attempt to make the W/W deterioration seem less than expected. Continuing claims on the other hand surprised to the upside, coming in at 3,676K on expectations on 3,700K, with the previous revised higher to 3,747K from 3,711K. Ever more people continue to drop out of the 99 week category as 52K fell out of EUCs and Extended Benefits. Elsewhere, the US trade balance came in better than expected as the US imported less: the US Trade Balance in April came at -43.7bln M/M vs. Exp. -48.8bln, with the Previous -48.2bln, Revised to -46.8bln. The only number however that matters is the continued deterioration in claims.
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