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Connecticut Fat Finger: In Absurd Comma Separator Error, State Reported 298,680 Jobless Claims, Really Meant 29,846

Courtesy of ZeroHedge View original post here.

Just when we thought we'd seen it all, here comes Connecticut.

Earlier this morning, when reporting on the latest surge in initial claims, which came in just under 3 million or half a million more than expected, we showed a breakdown of initial claims by state and highlighted the outlier, saying that "Connecticut saw a massive surge in initial jobless claims last week (we suspect this is more systems catch up than a sudden resurgence)."

It turns out our suspicion was wrong, as there was a far more simple reason for the surge in CT claims: a fat finger, specifically one dealing with the separator comma, because instead of reporting 298,680 initial jobless claims, Connecticut meant to type in 29,846.

  • CONNECTICUT CORRECTS JOBLESS CLAIMS TO 29,846 FROM 298,680

And since today has been theater of the absurd from the start, the news that initial claims was 2.7 million instead of 3.0 million sparked a late day rally in stocks, which apparently decided that good news is good news, even though the original 0.5 claims miss was sufficient for bad news to be good news. Finally, algos ignored that even with the 299K correction, the total number was completely fabricated was still a miss to the 2.5 million expected.

In short, congratulations to anyone who successfully traded on the "fundamentals" of today's "market."


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