Headlines Celebrate: Only 365,000 New Claims for Unemployment Benefits

Bloomberg:

LOWEST LEVEL ... IN A WHOLE MONTH!

 Jobless claims decreased ... to 365,000 in the week ended Sept. 1, the fewest in a month, the Labor Department reported today in Washington.

 

Let's go right to the horse's mouth, the U.S. Department of Labor:

In the week ending September 1, the advance figure for seasonally adjusted initial claims was 365,000, a decrease of 12,000 from the previous week's revised figure of 377,000. 

 

Last Thursday Tyler Durden told us that the 374,000 new claims reported that morning ("the highest print in six weeks") would be revised upward to... you guessed it... 377,000. Which it apparently was. At least someone understands what's going on, even if I don't.

Looks like Tyler expects today's number will be revisedupward next week... to 369K. None of this sounds very good to me but I understand very little other than the fact that the numbers get revised but the headlines do not.

Tomorrow's announcement of the August unemployment rate will at least be easier to understand.  I'm going to go out on a limb here and predict It'll be eight-point-something.