Initial Jobless Claims up but down

GDP (1Q2011)
– The so-called “final estimate” for 1Q2012 GDP was announced at +1.9% – same as the previous estimate.

They (the Commerce Department) still publish revisions to GDP from more than 4 years ago so this is not exactly the last word. In any case the point is that economic growth is very slow especially considering that we have thrown not only the kitchen sink but the bath tub as well as at it in the form of Keynesian deficit spending and expansionary monetary policy.

Initial Jobless Claims (week ended 6/23/2012)
– Initial Claims 386,000
– 4-week Moving Average 386,750

The Labor Department continued its “jobless claims are lower” story by revising the pervious week up by 5,000 so that even though jobless claims increased the increased was moved into the past. This is about perception. Creating the perception that Jobless Claims are getting better week-to-week when they are getting worse does not strike me as a good idea.

Corporate Profits (1stQ2012)
– Corporate Profits were +13.1%. Note that this is not the same as profits reported on tax returns but a BEA constructed measurement of profits.