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Another Economic Disappointment: Initial Claims At 422K On Expectations Of 417K

Tyler Durden's picture




 

Another day, another disappointment in the economic front, where over the past week there has not been one consensus beat. Either tomorrow's NFP number will be the biggest headfake, and the Birth Death adjustment will blow the hinges off the market, or the number will be a total disaster, as needed for QE3. For the week ended May 28, initial claims were 422,000, higher than expectations of 417,000, down from an upwardly (naturally) revised 428,000 (previously 424,000). The 4-week moving average was 425,500, a decrease of 14,000 from the previous week's revised average of 439,500, now that the outlier whopper from a month ago drops out of the moving average. The states with the biggest increase in claims was California, with +7,053 layoffs in the service industry. Continuing claims were also higher than expectations of 3,675K, printing at 3,711K, but, you guessed it, it is a drop from the prevoius number which was revised from 3,690 to, wait for it, 3,712K. Those rolling off benefits and hitting the 99 week cliff naturally gets bigger and bigger as the depression progresses, with 5k less under EUCs and Extended Benefits programs. Elsewhere, US Nonfarm Productivity Q/Q was 1.8% vs. expectations of 1.7% (Prev. 1.6%), while Unit Labor Costs missed expectations of 0.8%, coming at 0.7%, and down from 1.0% previously. Altogether another set of weak data as everyone now focuses on tomorrow's critical NFP number: as a reminder it was the horrible August 2, 2010 NFP data which set off QE2.

According to Goldman, there were no special factors on which to blame the drop:

MAIN POINTS:

1. Initial jobless claims fell to 422k in the week ending May 28 from 428k in the previous week. However, the level of claims was higher than the consensus forecast (Median: 417k). The four-week average fell to 425k from 440k previously. Claims are now about 30k higher than the average level in February. In contrast to the sharp increase in late April, today's level no longer appears obviously related to special factors-such as auto production cuts, poor weather, and seasonal adjustment bias (based on the mix of states that have seen claims increase). At the same time, the current level of claims is also probably consistent with ongoing growth in nonfarm payrolls, and is therefore less discouraging than many recent reports. We are holding our forecast for May nonfarm payroll growth at 100k.

2. Separately, the BLS revised up its estimate of Q1 nonfarm productivity growth to 1.8% (qoq ar) from 1.6% previously. Growth in unit labor costs was revised down to 0.7% from 1.0% previously.

 

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Thu, 06/02/2011 - 08:44 | 1331840 djsmps
djsmps's picture

The Marketwatch headline this morning:

Dow 20,000, here we come
A day after the Dow saw its worst single-day point drop since June 2010, James Altucher makes the
case that it's not surprising that the market needs a day or two before blasting off to ... Dow 20,000.

Thu, 06/02/2011 - 08:42 | 1331847 Herne the Hunter
Herne the Hunter's picture

I'm waiting for Dow 10^20000

Thu, 06/02/2011 - 08:45 | 1331861 HelluvaEngineer
HelluvaEngineer's picture

Hmmm...that might require QE3.5

Thu, 06/02/2011 - 08:48 | 1331875 Herne the Hunter
Herne the Hunter's picture

And a HAARP gun to spread benjamins across the atmosphere

Thu, 06/02/2011 - 08:59 | 1331907 SheepDog-One
SheepDog-One's picture

DOW 500,000,000!!! I guess its possible with the way the Wall St criminal cabal is printing and pumping these bubble markets!

Thu, 06/02/2011 - 09:34 | 1332015 mattwett12
mattwett12's picture

Well if you look at a long enough trend and draw a line, there is no reason the DOW couldn't hit that amount right?

Thu, 06/02/2011 - 08:47 | 1331857 oh_bama
oh_bama's picture

Just as Zerohedge,BY DESIGN, needs to mention this upward REVISION TWICE A WEEK as if no one knows about it, CLOWNS at marektwatch are PAID to PUMP STOCKS ALL THE F**KING TIME

Thu, 06/02/2011 - 09:23 | 1331970 ZakuKommander
ZakuKommander's picture

Actually, mentioning the upward revision twice a week has become a ritualistic continuing joke among buds, a bond among sister and brother ZHers, something that never fails to evoke a good natured snicker . . .

Thu, 06/02/2011 - 08:47 | 1331871 mayhem_korner
mayhem_korner's picture

Which can be arrived at in one of two ways...

a) DXY at 40

b) P/E ratios to 250 (pandemic of investors on hashish)

Thu, 06/02/2011 - 08:47 | 1331872 Herne the Hunter
Herne the Hunter's picture

He sees Dow 20k within 12 to 18 months... citing iPad sales as a harbinger of "innovation"... 

LOL

Thu, 06/02/2011 - 08:52 | 1331877 bonddude
bonddude's picture

Then he must also see the dollar not being fit to wipe my ass with.

Thu, 06/02/2011 - 08:57 | 1331889 Dr. No
Dr. No's picture

I mean why not?  The FED is not the monoploy holder of trying to pump stocks.  A head line like that might keep some sheeple from selling for a day or two, giving valuable time for the HFT to reset their counters. 

Thu, 06/02/2011 - 09:21 | 1331896 g
g's picture

I read that article this morning and was wondering if it was going to be discussed here at ZH. MSM cheerleading in the extreme.

Thu, 06/02/2011 - 09:00 | 1331899 Platinum_Investor
Platinum_Investor's picture

It may be Dow 20,000 in 5 years but it will also be 10% inflation that goes along with it.

Thu, 06/02/2011 - 09:04 | 1331920 Dr. No
Dr. No's picture

Hey, 20,000 is 20,000.  I need to know when so I can get those hats made by the "idigenous people of whereever....."

Thu, 06/02/2011 - 09:08 | 1331940 DaddyO
DaddyO's picture

 

I'll stick to my tin foil hat...just sayin

DaddyO

Thu, 06/02/2011 - 09:22 | 1331974 augie
augie's picture

I believe you are confusing hats with "the glass dishes with tiny bubbles and imperfections."

palahniuk must not be misqouted.

Thu, 06/02/2011 - 09:39 | 1332020 Dr. No
Dr. No's picture

Glass dishes, DOW 20000 hats, all part of a portfolio for "versatile solutions for modern life". 

Do you know what a duvet is?

Thu, 06/02/2011 - 09:46 | 1332051 augie
augie's picture

Yeah i drink from one every morning. Really helps me wake up in the morning.

Thu, 06/02/2011 - 08:41 | 1331841 the not so migh...
the not so mighty maximiza's picture

QEIII coming soon.

Thu, 06/02/2011 - 08:41 | 1331843 Cassandra Syndrome
Cassandra Syndrome's picture

How big will QE3 be?

Thu, 06/02/2011 - 08:42 | 1331849 the not so migh...
the not so mighty maximiza's picture

Big and I am thinking real big.  Larger then previous QE's put together.

Thu, 06/02/2011 - 08:46 | 1331866 HelluvaEngineer
HelluvaEngineer's picture

Easy.  Just square the last QE.  Repeat until dollar goes to zero.

Thu, 06/02/2011 - 09:28 | 1331980 Saxxon
Saxxon's picture

I wonder if the Administration will simply give money away a-la George W. Bush.  Write everyone a check.

Thu, 06/02/2011 - 09:31 | 1332002 SheepDog-One
SheepDog-One's picture

What money?

Thu, 06/02/2011 - 10:13 | 1332129 Silver Dreamer
Silver Dreamer's picture

It's all debt of course, and we'll have far more of it before this party is over.  Why not hand out 10K to everyone with a SSN.

Thu, 06/02/2011 - 09:04 | 1331919 tmosley
tmosley's picture

Not large enough.  Maybe larger.

Thu, 06/02/2011 - 09:14 | 1331961 Temporalist
Temporalist's picture

What, did you call Paul Krugman this morning for advice on posting about QE3?

Thu, 06/02/2011 - 09:24 | 1331973 tmosley
tmosley's picture

Exactly.  I loved the odd phrasing, how something can be both larger than not enough, and remain not large enough.

It's the most awesome doublethink of all time.

Thu, 06/02/2011 - 09:02 | 1331926 breezer1
breezer1's picture

$200 bil per mo deficit + reduced tax revenue . look for major distraction before winter.

Thu, 06/02/2011 - 08:42 | 1331848 mayhem_korner
mayhem_korner's picture

But they "fell" less than expected...

What's the frontrunning expectations for how much the DJIA will fall this month?  600

Thu, 06/02/2011 - 08:46 | 1331850 Clueless Economist
Clueless Economist's picture

This is most curious.  My Keynesian solutions should be creating or saving jobs, not losing them.  I believe it is time to double down on shovel-ready job solutions (ie let us spend Trillions more)

Thu, 06/02/2011 - 08:44 | 1331858 the not so migh...
the not so mighty maximiza's picture

Triple or quadrouple down I think.  It just hasnt been big enough ,,right?

Thu, 06/02/2011 - 10:17 | 1332141 MachoMan
MachoMan's picture

You joke, but if people are willing to trade us real things for paper, I think we need to exploit it to its fullest extent, at this juncture, for the common good (hint: not to expand the wealth gap).  We're broke either way...  might as well get infrastructure built and in place should we ever decide to take life by the horns and hump it into submission, rather than just waiting around for the check in the mail.

Thu, 06/02/2011 - 08:54 | 1331883 mayhem_korner
mayhem_korner's picture

Edit: "Keynesian solutions" is a contradiction in terms.

:D

Fri, 06/03/2011 - 00:19 | 1334855 StychoKiller
StychoKiller's picture

contradiction in terms = Oxymoron

Thu, 06/02/2011 - 09:02 | 1331906 Dr. No
Dr. No's picture

Do you think there is "slack" in the system and therefore need more time for the stimulus to get "traction"?  I find it hard to believe government directed spending, coupled with price controls on money, would not result in efficient distribution of capital.

Thu, 06/02/2011 - 09:07 | 1331909 g
g's picture

Hey using spoons instead of shovels should be better for the economy 

 

/sarc

Thu, 06/02/2011 - 08:47 | 1331856 Esso
Esso's picture

Depression? The CNBSers said things have never been better.

Thu, 06/02/2011 - 08:45 | 1331862 Tense INDIAN
Thu, 06/02/2011 - 08:45 | 1331864 ziggy59
ziggy59's picture

this is one helluva Goldilocks Economic Controlled Demolition is..

Thu, 06/02/2011 - 09:07 | 1331939 hedgeless_horseman
hedgeless_horseman's picture
Controlled demolition?  Yes.  Why?  This:
“What people need to hear loud and clear is that we're running out of energy in America.”                                        —George W. Bush, May 2001
http://www.theoildrum.com/
Thu, 06/02/2011 - 09:26 | 1331951 hedgeless_horseman
hedgeless_horseman's picture
06-02 08:47: Saudi oil minister says Saudi Arabia always ready to meet oil demand
06-02 08:52: Saudi oil minister says Saudi Arabia always ready to crush democracy and basic civil rights
 
06-02 08:59: Saudi oil minister says Saudi Arabia always ready to exchange its nation's only natural resource to benefit a few royals with US dollars and US military backing

Thu, 06/02/2011 - 09:27 | 1331991 augie
augie's picture

Can someone please tell me (if you've seen this already) if this guy is credible?

http://www.youtube.com/watch?v=F-QA2rkpBSY

 

I watched this video a few years ago and whenever i refer to him, people always tell me he's inaccurate. I trust the opinion of ZH'ers a considerable amount more than the imbeciles i interact with, so i would appreciate anyone's time in setting me straight here.

Thu, 06/02/2011 - 09:49 | 1332061 JPL
JPL's picture

I watched episode 1. It is just mathematics. All true. But think about assumptions. That is the point.

Thu, 06/02/2011 - 09:57 | 1332089 augie
augie's picture

Exactly, thats what i am confused about, are his assumptions about discovery, production, and consumption rates accurate? Pretty terrifying if they are.

Thu, 06/02/2011 - 08:50 | 1331869 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

So, er, a sane person would ask:

QE1, QE2, QE Lite, etc didn't create jobs...

... so, QE3 will? QE3 is the solution to creating jobs right? Quantitive easing has proven to create jobs, right?

"Insanity: doing the same thing over and over again and expecting different results"

Thu, 06/02/2011 - 08:47 | 1331873 the not so migh...
the not so mighty maximiza's picture

We are not dealing with sane people FunkyMonkeyBoy

Thu, 06/02/2011 - 08:51 | 1331881 JohnG
JohnG's picture

Worse than that.  Sociopaths.

Thu, 06/02/2011 - 08:51 | 1331884 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

No, but we are in charge of deciding if we allow these genocidal maniacs to make these decisions.

Remind me, why are americans allowed to bare arms again? Self-defense against tyranny/oppression qualify?

Thu, 06/02/2011 - 08:58 | 1331903 the not so migh...
the not so mighty maximiza's picture

I'll entertain the idea, but only after the paychecks to the police and the military start bouncing.   That will happen and that is the sign to start what your suggesting.  Perhaps justice will come when the pay off money is stopped.  

Geithner is certifiable.  He would have already been committed but he has connections.

Thu, 06/02/2011 - 10:30 | 1332171 Silver Dreamer
Silver Dreamer's picture

Many people keep suggesting they are insane.  I humbly suggest they are completely sane.  This is being done on purpose.  The last step before a nation's destruction is looting it after all.  We are being looted...

Thu, 06/02/2011 - 08:59 | 1331897 slovester
slovester's picture

Even more insane - the sheeple believing those doing the same thing over and over again will actually achieve different results.

Thu, 06/02/2011 - 08:47 | 1331870 lead salad
lead salad's picture

Summer of recovery redux!

Thu, 06/02/2011 - 08:51 | 1331876 Racer
Racer's picture

So all this QEasy money has achieved exactly what?

Thu, 06/02/2011 - 08:57 | 1331887 Vincent Vega
Vincent Vega's picture

Large bonuses for the bankster's.

Thu, 06/02/2011 - 09:00 | 1331890 spanish inquisition
spanish inquisition's picture

The continued survival of the FED and its Wall Street distribution/ franchisee system by transferring debt to the American people via campaign contributions to your elected officials.

Edit: Anyone coined QEternity yet?

Thu, 06/02/2011 - 08:55 | 1331893 Esso
Esso's picture

Solid gold potties for everyone at JP Goldman Morgan Sachs Chase?

Thu, 06/02/2011 - 09:22 | 1331966 Temporalist
Temporalist's picture

They are called "commodes."

Thu, 06/02/2011 - 08:56 | 1331898 Terminus C
Terminus C's picture

It robbed your punk ass blind and most people didn't even notice.

Thu, 06/02/2011 - 08:59 | 1331894 jtmo3
jtmo3's picture

And the spin continues. Fewer people filed for unemployment last week is the headlines I'm hearing, even though the number was higher than "expected", but it's lower than last week. How pathetic are we really?

Thu, 06/02/2011 - 09:05 | 1331921 trampstamp
trampstamp's picture

Agreed! What's so hard for them to just say we "FAILED"

Thu, 06/02/2011 - 09:00 | 1331901 Josh Randall
Josh Randall's picture

Doom headlines are there to prime the pump for Bernank bucks shortly -- watch for a contiued sell off of smart money until QE 3 arrives with it's Royal fanfare to save the day.

This COMEX stuff is rivoting though - might we see a TARP for the COMEX backers like HSBC and the Morgue ?

Thu, 06/02/2011 - 09:02 | 1331911 Phat Stax
Phat Stax's picture

Exactly - I know extreme cynicism is the tone here, but the WSJ had a pretty good (re-hashed) summary today by Kelly Evans.  The negative political climate, the loss of control of the Fed's ability to influence interest rates via a even larger balance sheet, the wrath of the rest of the world from higher inflation, the credibility of the Fed... it doesn't make sense.  On one hand ZH skewers everyone for kicking the can down the road, yet clearly now are seated in the front row of the bleachers for QE III, which the Bernank has said would take a "high bar."  From here, how much more catastrophic do things need to be for all of this to be discounted?  And by this summer?  c'mon....

The only positive driver that I can see - which admittedly is a big one - is keeping the Boomers' 401(K)'s intact.  ZH often calls it right but it is not adding up for me right now.

Thu, 06/02/2011 - 09:06 | 1331927 SheepDog-One
SheepDog-One's picture

We're heading straight into a WW3, factor that into the markets. Boomers 401K are targeted for seizure by the Treasury, thats all. The Treasury Is Soliciting Your Feedback Regarding The Proposed Annuitization Of 401(k) | zero hedge

Thu, 06/02/2011 - 09:09 | 1331944 Phat Stax
Phat Stax's picture

Yikes!  thanks...

Thu, 06/02/2011 - 09:01 | 1331917 SheepDog-One
SheepDog-One's picture

The matching headline to this is 'Congress seeks to cut SNAP'....so we see all time high spikes in SNAP usage, and govt is going to cut it. HEY as long as DOW 20,000^100 is achieved, who gives a shit about the riots!

Thu, 06/02/2011 - 09:12 | 1331942 Moe Howard
Moe Howard's picture

Sillyness. I was in the store on Mother's Day, white trash grandmother in front of me with younger version daughter and kids. Of course they paid with food stamp cards, except for the cigs and beer, which were cash from a roll. After I checked out went to the car, they were getting in a two year old giant ass Ford pickup truck worth about 4 times my car.

Riots? I don't think so. There is a huge amount of people that have assets and cash jobs collecting food stamps and other government hand outs. This has been a trend for at least 20 years. In my neck of the woods they keep the school lunch room open and offer FREE LUNCH to anyone who wants to come by and get it. The paper reported four or five people a day. Your tax money and mine thrown away on salaries and food purchases without even a clue as to who the target 'poor people' are.

I will believe food riots when I don't see wally world's parking lot full of cars.

Thu, 06/02/2011 - 09:12 | 1331952 SheepDog-One
SheepDog-One's picture

RIGHT and all of americas unemployed who live on checks from the bankrupt govt...well that will just keep going on forever of course! 

NAH of course there will be no riots! All THAT is just for the whole REST of the world! THis is AMERICA dammit! It just CANT HAPPEN HERE!!  

Now back to sleep my sheepies....ZZZzzzzzzzzzzzzzz

Thu, 06/02/2011 - 09:29 | 1331986 Moe Howard
Moe Howard's picture

You need to take a xanax or something. Please show me the starving people in the USA. Like I said, it is not happening. Does this mean it cannot happen or won't happen? Of course not. But acting like a cutback in the handouts is going to result in riots everywhere is beyond silly, it shows you are completely out of touch with the people. Get out of the basement. We have a very long way to go to reach real third world poverty here. Again, that does not mean we won't, but it certainly has quite a way to go. By the way, I live in one of the poorer states in the Union, so I think I would spot the Obamavilles and lines for the soup kitchen. Hard to miss if the people are ready to riot, right? They must be desperate, right?

 

Grow up.

Thu, 06/02/2011 - 09:38 | 1332006 augie
augie's picture

http://www.cbsnews.com/stories/2010/08/10/eveningnews/main6761415.shtml

http://www.google.com/hostednews/ap/article/ALeqM5hyzwTVSeiO04zQzfQuT8Wf...

http://www.washingtonpost.com/wp-dyn/content/article/2011/01/12/AR201101...

yeah sheepdog, grow up. No body is starving here. This is 'merica god dang it.

 

on a serious note, i would really like to hear a concise argument for riots in america. Do you think the American public has the sand to stand up to its own ego? I agree that civil unrest is unavoidable, but i believe it will be co-opted by TPTB to quickly to have any quantifiable effect on our world. Just my opinion remember no need to get salty, we are all on the same team here.

Thu, 06/02/2011 - 10:33 | 1332193 Silver Dreamer
Silver Dreamer's picture

Who says rioting will be done by the so-called "poor" anyway?  It may very well be the so-called "Middle Class" instead.  This isn't about classism unless we decide to define only two classes: banksters and not.

Anyone that suggests the government spending (welfare being a large portion of it) is just going to keep on going forever without any hiccups should take a moment to study Greece too.

Thu, 06/02/2011 - 10:53 | 1332268 augie
augie's picture

Totally agree in your division of society (bankers, and everyone else) but as rex points out, the American public (middle, lower, even upper) are so sedated by the comfort of convenience i doubt they will be willing to sacrifice or even risk that level of comfort for justice. The only hope we have at unification is if all the materialistic drugs are cut off and people no longer have a coping mechanism.

 

Who needs to pay for therapy when you can just apply a basic understanding of sociology to your own personal life. Get uncomfortable = change for the better

 

Edit* one day i hope for no division between bankers and the rest of us, but that is a long, long ways away.

Thu, 06/02/2011 - 15:45 | 1333675 knowless
knowless's picture

you forget that there are many angry, violent, and uncomfortable people in america.

prison overcrowding is leading to quite a few early releases.

the riots don't start with average joe shmoe workaday six pack tv watcher.

http://www.youtube.com/watch?v=z-L3D8vKBCM

but instead with those willing to take what they feel they have been robbed of, the tragedy is that most don't understand the scale or scope, and who the real robbers are.

Thu, 06/02/2011 - 10:41 | 1332229 Spastica Rex
Spastica Rex's picture

No riots unless:

  1. No McDonalds
  2. No F350s
  3. No Dancing with the Stars
  4. No air conditioning

Americans are true stoics and will cheerfully meet other hardships without rioting.

Thu, 06/02/2011 - 10:57 | 1332275 augie
augie's picture

No AC is going to suck.

Thu, 06/02/2011 - 09:11 | 1331949 lizzy36
lizzy36's picture

Cutting SNAP is actually a great idea. Congress is brillant.

Nothing but NOTHING gets a revolution going like hunger.

Congress should just concentrate on doing what is does best.....sending twitpics of their wieners to women whom they are not married too.

Thu, 06/02/2011 - 09:16 | 1331955 SheepDog-One
SheepDog-One's picture

Lizzy youre clearly on top of reality.

Thu, 06/02/2011 - 09:05 | 1331923 Cult_of_Reason
Cult_of_Reason's picture

This is the moral hazard that Bernanke bailing out idiots has created -- an army of clueless and complacent idiots who believe the stocks can only go higher and next stop for the Dow is 20K.

Thu, 06/02/2011 - 09:07 | 1331937 SheepDog-One
SheepDog-One's picture

So many people have the idea 'this is all part of the plan, just monetize forever' well I think theyre about to get the rudest awakening in all of human history.

Thu, 06/02/2011 - 09:02 | 1331925 Moe Howard
Moe Howard's picture

Transitory, unexpected, may be a positive sign of green shoots depending on the metrics used. - Some babbling idiot on teevee I'm sure. 

Thu, 06/02/2011 - 09:11 | 1331941 SheepDog-One
SheepDog-One's picture

YES the huge rise in SNAP applications IS transitory, because congress is now looking to cut off SNAP. OH SNAP!

Thu, 06/02/2011 - 09:17 | 1331959 Moe Howard
Moe Howard's picture

A great idea would be to issue a 100 pound sack of rice and same of beans to anyone who wants food stamps. Corn cobs for ass wipe. Let's see how long it will take them to find a job and start paying for their own shit. Added benefit- illegals will deport themselves as Americans take jobs they wouldn't do before. That should save a few billion and increase tax revenues, plus decrease health and school costs as the illegals leave.

Thu, 06/02/2011 - 10:39 | 1332203 Silver Dreamer
Silver Dreamer's picture

It's all joke anyway.  Cut ALL government welfare, not just food stamps, etc.  Stop stealing my money...

Thu, 06/02/2011 - 10:48 | 1332242 Spastica Rex
Spastica Rex's picture

And give everbody a gun and a bucket and get rid of the police and firemen.

Moe Howard for POTUS 2012

Why settle for anything less than the brilliance of Common Sense?

Thu, 06/02/2011 - 09:09 | 1331934 overmedicatedun...
overmedicatedundersexed's picture

if we start seeing press on congressmen wanting the FED to explain this economy or the jobs mandate..it could feed the move to remove the FED and let it's debt go with it (think of the boon to gov balance sheet)..if we had a sane congress this OUT is just low hanging fruit..big payoffs under the table have forestalled this move to drop the blame where many would applaud and KILL THE FED a win win for many..

a dream anyway.

Thu, 06/02/2011 - 09:10 | 1331945 SheepDog-One
SheepDog-One's picture

The problem with anyone in congress actually moving to get rid of the FED is all these congressmen are in the FED's pocket, theyve been feeding congress wallets well for a long time so theyre partners in crime.

Thu, 06/02/2011 - 09:16 | 1331963 overmedicatedun...
overmedicatedundersexed's picture

sheep ditto but like I said if we had a SANE political class..were better to hang the blame for our economic implosion??

the fed is sitting there like a big ripe tomato

John Q has no interest in seeing the fed survive heck they would cheer it's demise after a little PR in the MSM (stolen from sources like ZH)

NO the guys at the fed became complacent they think they are the ultimate TBTF. 

Wrong IMO.

Thu, 06/02/2011 - 09:26 | 1331988 SheepDog-One
SheepDog-One's picture

Right, Im just not sure there IS any 'sane political class' left.

Thu, 06/02/2011 - 09:15 | 1331947 virgilcaine
virgilcaine's picture

Cnbs headline says..... "Jobless Claims Fall Less Than Expected".. huh?  The Bald fellow uses tems like "Bounced Down".. they are some bunch.

Thu, 06/02/2011 - 09:13 | 1331956 lizzy36
lizzy36's picture

Two years after the recession ended the talking heads are still celebrating second derivative green shoots. BOOYAH.

Thu, 06/02/2011 - 09:30 | 1331992 SheepDog-One
SheepDog-One's picture

Green side shoots off the whithered brown shoots...wow!

Thu, 06/02/2011 - 09:28 | 1331982 SmoothCoolSmoke
SmoothCoolSmoke's picture

CNBC; punks and clowns boought and paid for.

Thu, 06/02/2011 - 10:19 | 1332139 Problem Is
Problem Is's picture

CNBC: Your Douche-A-Rama Network...

Thu, 06/02/2011 - 09:12 | 1331953 breezer1
breezer1's picture

the only ones to profit with inflation are they that get the money first. theres no insanity there just robbery on a grand scale.

Thu, 06/02/2011 - 09:19 | 1331967 oogs66
oogs66's picture

I bet that tomorrow all CNBS will talk about is the household survery.  It is likely to be better than the birth/death number as it was so weak last month.

Thu, 06/02/2011 - 09:20 | 1331969 rsnoble
rsnoble's picture

When the politicians decided that "99 weeks sounds about right", what they implied was that 99 weeks should be enough time to adjust from your 75k job to your 15k job--or no job at all. In 99 weeks you could get rid of your house and just bankrupt out of all debt then get a job at Mcdonalds and buy new gadgets for your cardboard box shelter. I can recall my fast food days 25 years ago and how bad the competition was when the assistant mgr job came open. I can only imagine what it's like now. Of course since I was the only one that didn't have bug eyes from smoking dope 24/7 I was a shoe in. I made the assistant night position, no big wigs around, 18 years old, got to hire my own crew........I had all hot girls on the front line. Free whoppers galore. Didn't pay much but that was the best job I ever had. In fact im still friends with a couple guys that I worked with from there.

I don't really care for the 'high alert super motivated' type jobs these days. You know the ads "Must suck cock, kiss ass, willing to work 90 hours a week,super high motivation level, team player..........starting $7.00hr". LOL, I just don't fit in anywhere any longer. That's why I paid off my house and all other debt and sleep late everyday and get by doing odd jobs here and there.

Thu, 06/02/2011 - 09:32 | 1331994 SheepDog-One
SheepDog-One's picture

Damn right.

Thu, 06/02/2011 - 09:32 | 1332009 the not so migh...
the not so mighty maximiza's picture

2nd paragraph is hilarious

Thu, 06/02/2011 - 09:38 | 1332024 augie
augie's picture

Now what do you do if thats how you feel at 25?

Thu, 06/02/2011 - 13:04 | 1332848 ColonelCooper
ColonelCooper's picture

I am about to have my third (final?) interview for a job that will be a >50% pay cut.  Fuck em.  I can't (or choose not to) go completely John Galt quite yet, but this is one helluva first step.

Lower tax brackets, Bitchez!

Thu, 06/02/2011 - 09:32 | 1331993 jkruffin
jkruffin's picture

And of course the AP trucks out their early lying news reports this morning saying less people filed for claims. It is unbelievable how corrupt and sorry the AP has become over the past two years. They will say anything to get a FED paycheck for a story.

Thu, 06/02/2011 - 09:30 | 1331999 richard in norway
richard in norway's picture

this is off topic, but i wondered if anyone could help me out with understanding the Q1 japanese GDP

japan Q1 GDP was -12.7, and this was because of the quake. but the quake happened at the end of the quarter, so if the contraction was only quake related then japan must have lost 40% of GDP in the three/four weeks after the quake. but I'm sure someone would have noticed, so I'm guessing that the GDP number was already negative before the quake

but i suspect that either my reasoning is faulty or i*m not understanding the numbers right

is there anyone who would like to put me right(without swearwords and/or personal abuse)

Thu, 06/02/2011 - 09:39 | 1332017 kito
kito's picture

bouncing along the waves of stagnation, nothing more....

Thu, 06/02/2011 - 09:40 | 1332021 iinthesky
iinthesky's picture

Headline on Yahoo Finance:

 

"Fewer People Applied For Unemployment Benefits"

 

Fewer People-- yeeeeeessss.. Drink the Koolaid!

Thu, 06/02/2011 - 10:06 | 1332116 Cone of Uncertainty
Cone of Uncertainty's picture

From UBS Maury Harris:

“Good Riddance” to QE2?
Did QE2 backfire? The evidence that QE2 boosted economic activity is lacking. Yields moved higher and equity markets did as well, although the latter was justified by rising corporate earnings. They importantly reflected better volumes, which probably cannot be traced to any believable instantaneous response to policy that works with a lag. Easier non-mortgage bank lending conditions are facilitating the recovery of earlier credit-constrained smaller firms and consumers. However, it is unlikely that the banking system needed the Fed to augment an already quite adequate supply of loanable funds with additional money creation. Despite the recent weakness in the data, we continue to view the recent slowing as insufficient  to prompt further QE from the Federal Reserve. Relative to conditions in August 2010, when QE2 was floated by Chairman Bernanke, labor market conditions are better. Additionally, the threat of disinflation last fall has given way to a somewhat more disturbing build-up in inflation pressures as core inflation continues to accelerate.

Thu, 06/02/2011 - 10:14 | 1332135 Problem Is
Problem Is's picture

It's a good thing Barry Soetoro broke the back of this recession and is doubling US exports over the next 5 years...

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