Economists are expecting that Thursday's unemployment insurance claims number will show about 465,000 new claimants. This is in contrast to last week's 472,000 initial claims.
But this week is a short work week due to the July 4th three-day holiday. The unemployment offices were closed for the official holiday and, logically, unable to process a full week's load. So, don't be surprised if the number is "unexpectedly" lower than what the economists are predicting. If I am right, it just proves how incapable these supposed experts are in taking all factors into account before coming up with their estimates.
The same thing happened back in January following the 2009, year-end holidays (Click here to See Story: Jobless Claims in U.S. Unexpectedly Rise on Backlog (Update2) ). Although, the effect of this week's backlog won't be as great as last January's, it will still show you that you shouldn't bet your life's savings on any economist's projection.
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