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256,357 Initial Unemployment Claimants In June, 2,519 Mass Layoff Events

Tyler Durden's picture





 

The BLS has released the most recent mass layoff event and initial jobless claim data. The initial claimant data has dropped by about 34k month over month, and is 70.7% higher on a trailing twelve month basis. Comparable data for the initial jobless claims apps. It would be useful to compare these data vis-a-vis how many people are getting shut out from not only jobless claims but also emergency claims as the recession approaches its two year anniversary and millions have been unemployed for over a year.

 


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Thu, 07/23/2009 - 14:46 | Link to Comment Joe Sichs Pach
Joe Sichs Pach's picture

Since things are turning around, I'm going to go get me a shiny new job!

Thu, 07/23/2009 - 14:56 | Link to Comment Anonymous
Thu, 07/23/2009 - 14:59 | Link to Comment ptoemmes
ptoemmes's picture

Those that fall off the "long end" of the extended benefits curve just don't get counted.  Well, maybe in U6 if that.

 

They simply fall off on to the compost heap of unemployment...and can't even fertilize green shoots.

 

Pete

Thu, 07/23/2009 - 15:05 | Link to Comment Anonymous
Thu, 07/23/2009 - 19:48 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

I've said this before - continuing claims is a USELESS number.  Continuing claims only measures people on the states' 26 week unemployment rolls.

Mish had a great post about this a few days ago.

 

http://globaleconomicanalysis.blogspot.com/2009/07/500000-will-exhaust-u...

 

U6 is the only useful number to watch from here on out.

Thu, 07/23/2009 - 14:59 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:01 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:02 | Link to Comment Anonymous
Thu, 07/23/2009 - 17:03 | Link to Comment Anonymous
Thu, 07/23/2009 - 21:45 | Link to Comment Keyser Soze
Keyser Soze's picture

He's saying the job market got worse and he's lucky to get the job. Nothing to do with smarter or dumb.

Thu, 07/23/2009 - 21:53 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:08 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Why do we even pay attention to BLS's lies...er..."data" anymore?

Thu, 07/23/2009 - 17:02 | Link to Comment deadhead
deadhead's picture

with you on this one GG.....one of my fly on the wall fantasies would be to sit in on the final meeting where the numbers are decided on and listen to the conference call with larry summers or rahm the dick on the other end.

Thu, 07/23/2009 - 21:50 | Link to Comment Ich bin ein whatever
Ich bin ein whatever's picture

You mean the Bureau of Lies and Sadistics, Gordon? ;)

Thu, 07/23/2009 - 15:15 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:15 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:16 | Link to Comment Miles Kendig
Miles Kendig's picture

I thought Baghdad Bob was relocated to the BLS by the previous administartion and the current one thought he was doing such a fine job they gave him extra hours at Commerce doing the same thing.

Thu, 07/23/2009 - 15:22 | Link to Comment Hondo
Hondo's picture

I agree.  The deeper and longer the contraction the more irrelavant the initial claims number becomes and the more important the unemployment rate and NFP numbers become.  Assuming not everyone is going to lose their job (as there is a minimun employment a company needs to keep the lights on).  If recovery and revenue doesn't come back quick there could certainly be additional layoffs but the key to growth will be putting people back to work.  I wouldn't expect the fewer people that are working to be spending more to make up what the unemployed are not spending.

Thu, 07/23/2009 - 15:26 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:33 | Link to Comment Anonymous
Thu, 07/23/2009 - 15:44 | Link to Comment palper
palper's picture

I just got my walking papers yesterday from the worlds largest media company. Funny how all those corporate emails telling you everything is fine is just cover, sort of like when the head coach gets the dreaded vote of confidence. Time to start my own business.

Thu, 07/23/2009 - 17:07 | Link to Comment deadhead
deadhead's picture

sorry to hear this....as one who has been laid off for 17 months, i know the feeling. 

 

i still remember the same emails and meetings after a layoff... "this should be the last layoff, we don't anticipate any further reductions."  i sometimes do miss the Dilbert world....

 

good luck to you!

Thu, 07/23/2009 - 21:59 | Link to Comment Anonymous
Thu, 07/23/2009 - 23:56 | Link to Comment PBS
PBS's picture

I was in agreement until you reached the 'birther' issue; healthy cynicism and skepticism are great, but really?

Thu, 07/23/2009 - 15:48 | Link to Comment Anonymous
Thu, 07/23/2009 - 16:21 | Link to Comment Anonymous
Thu, 07/23/2009 - 16:47 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

this is insane.  these guys need to be stopped.

 

http://blogs.wsj.com/economics/2009/07/23/treasury-proposes-putting-a-fe...

 

The Treasury Department inserted a potentially explosive provision in legislative language it sent to Capitol Hill on Thursday as it detailed its plan to reshuffle the authority of federal bank regulators.

Because Treasury’s plan would consolidate the Office of Thrift Supervision and the Office of the Comptroller of the Currency into a new regulator known as the National Bank Supervisor, Treasury had to come up with another entity to sit on the Federal Deposit Insurance Corp.’s five-member board (the head of the OTS and the OCC currently occupy two of the FDIC’s five board seats).

Who did Treasury officials pick for the fifth seat? The Federal Reserve.

Thu, 07/23/2009 - 21:12 | Link to Comment Gilgamesh
Gilgamesh's picture

Never let a good crisis go to waste.  I think people are starting to catch on where that phrase came from, and it wasn't just from Chicago politics.

Thu, 07/23/2009 - 17:15 | Link to Comment Anonymous
Thu, 07/23/2009 - 18:01 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Enjoyed this recent Kunstler quote

"We'll soon find out whether an organism the size of the United States can run an economy based on one family selling the contents of its garage to the family next door."

 

 

Thu, 07/23/2009 - 18:55 | Link to Comment Anonymous
Thu, 07/23/2009 - 22:03 | Link to Comment Anonymous
Fri, 07/24/2009 - 09:01 | Link to Comment spanish inquisition
spanish inquisition's picture

As long the BLS is posting the same crap over a period of time, you might be able to pull something from it.. we have a month of two before the moving average bottoms on the first hump if you match it to 01-02. Does unemployment follow a double hump pattern on the 6 month moving average? If it does, based on the strength of the first hump, we are in for another round that is going to last a long time.

Fri, 07/24/2009 - 09:10 | Link to Comment spanish inquisition
spanish inquisition's picture

My thinking is this is how it looks once the first round of money throwing at the problem wears out....

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