Glitches, well there is a military term for these glitches, SNAFU.
Economic data is completely meaningless now that the Fed is openly blowing a bubble without any qualms, but even the Fed at least pretends its policy guided by said economic data. Which is a problem because for the second week in a row, Initial Claims data is absolute garbage, following an admission by the BLS that “two states” are still working through the claims backlog caused by the “computer-system changeover.” Recall that last week’s “computer upgrade” was why claims plunged from 323K to 292K (on expectations of 330K).
Today, the number was 309K, but instead of indicating any improvement in the economy, and hence a potential Taper catalyst (yes, we laughed too), it merely shows that at least two states have been slow to complete their computer upgrades. According to Bloomberg strategist the computer “issue” may be resolved in the next 2 weeks. Or it may not.
If it wasn’t such a farce, it would be funny.
The data is worthless as the manipulators search for new ways to count.