Initial Claims for the US drop to 324 thousand , allegedly the lowest since January 2008 .....QE will still last forever or until it is forcibly stopped by US creditor strikes ....

http://www.zerohedge.com/news/2013-05-09/initial-claims-drop-324k-lowest-january-2008

Initial Claims Drop To 324K, Lowest Since January 2008

Submitted by Tyler Durden on 05/09/2013 08:44 -0400

• Continuing Claims

There was no surprise in today's Initial Claims data, which continued the downward trend seen in recent months (despite the data seen in the most recent JOLTS survey which was hardly as optimistic on recent labor trends as the NFP number of the weekly claims data), with the headline number dropping to 323K, down from an upward revised 327K, and below the expected 335K print. On the surface, and at least to algos, this continues to be good news. The question remains whether the improving claim trend is due to fewer layoffs, or a lower marginal detachment workforce due to the labor force participation rate which was at 33 year lows for the second month in a low. At this point any additional substantial drops below the 300,000 range will likely mean a major distortion in the labor force as this is where claims numbers were at a time when the economy was actually strong, as opposed to the current liquified stock-market manipulated sham.

That said, with the whisper number expecting a 2-handle on the claims data, it will have to settle for the unadjusted number dropping below the 300,000 range, or 298,497 in the first week of March. People on continuing claims also declined from the upward revised print of 3.032MM, to just over 3MM or, 3,005K, and below expectations of 3,018K.

In total, 4,874,526 citizens claims benefits across all government programs in the week ended April 20, down 89,292 from the week before.

Also from the report, there was the traditional jab at US "Austerity" with the following remark: "There were 18,726 former Federal civilian employees claiming UI benefits for the week ending April 20, an increase of 531 from the previous week. Newly discharged veterans claiming benefits totaled 36,718, a decrease of 435 from the prior week." The implications are clear.

Employment numbers from Europe and additional data.....

http://www.guardian.co.uk/business/2013/may/09/eurozone-crisis-bank-of-england-unemployment

Portuguese record jobless rate shows eurozone's ills

In the eurozone, Portuguese unemployment has hit a new record high, underlining the labour force crisis raging in the eurozone periphery.

The total jobless rate hit 17.7% in the first three months of 2013, up from16.9% in the last quarter of 2012.

Portugal's youth jobless rate also jumped, to 42%.

This is what David Cameron was referring to this morning, when he spoke of "stratospheric" levels of unemployment in parts of the Eurozone.

Greece's youth unemployment also hit a new record high of 64% in February, data released this morning data showed. That's up from 59.6% in January, and the first time it's been over the 60% mark.

UK industrial output beats forecasts

UK industrial output beat expectations in March, rising by 0.7% month-on-month.

The Office for National Statistics just reported that British factories increased production by more than expected during the month. That meant output was only 1.4% lower than a year ago.

The rise was driven by a 2.4% rise in "electricity, gas steam & air conditioning" - after the coldest March since 1962 boosted energy demand.

But there was also good news on the manufacturing front, with a 1.1% month-on-month rise.

The ONS added that the data is consistent with its estimate that the UK economy grew by 0.3% last quarter -- which may mean there's even less chance of the Bank of England easing monetary policy today.

Spanish industrial output keeps sliding

Industrial production in Spain has fallen for the 19th month in a row. But there may be signs of hope amid the ongoing economic decline.

Output tumbled by an alarming 9.8% year-on-year in March, as the Spanish recession buffetted firms again. But, on a calendar-adjusted basis (making up for seasonal variations), the fall was just 0.6%.

This graph shows how Spain's industrial sector has been generally weakening over the last two years. It's unusual to have such a big difference between the two figures:

Photograph: Spain's National Statistics Institute

Here's Bloomberg's early take:

Spanish industrial output declined less than economists expected in March, suggesting that the recession in the euro area’s fourth-largest economy is abating.

Production at factories, refineries and mines adjusted for the number of working days fell 0.6 percent from a year earlier, after declining a revised 6.9 percent in February, the National Statistics Institute in Madrid said in an e-mailed statement today. That’s the smallest decline since Prime Minister Mariano Rajoy took office in 2011 and compares with economists’ forecast for a 5.3 percent decline, according to six estimates in a Bloomberg News survey.

But as Steve Collins, global head of Dealing at London & Capital Asset Management points out, the unadjusted 9.8% drop in output is hardly encouraging: