Blame It On Minnesota: Initial Claims Print At 418K, 16th Week Above 400, Worse Than Consensus

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Thu, 07/21/2011 - 08:42 | 1476558 oogs66
oogs66's picture

first, why didn't the analysts include minnesota in their estimate, and more importantly, aren't state shut downs now part of our economy?

Thu, 07/21/2011 - 10:02 | 1476897 fuu
fuu's picture
99 weeks ago today was  08/27/2009
Thu, 07/21/2011 - 11:25 | 1477238 HungrySeagull
HungrySeagull's picture

Throw in 9K NASA LAyoffs now that the shuttle flights are terminated.

Thu, 07/21/2011 - 08:42 | 1476559 John Law Lives
John Law Lives's picture

The July NFP data should be interesting...

Time for QE3!  That should save the world...

Thu, 07/21/2011 - 08:53 | 1476612 Xibalba
Xibalba's picture

Less Jobs = Higher Profits!  

Thu, 07/21/2011 - 08:42 | 1476560 anynonmous
anynonmous's picture

it's the heat wave  - nothing to be concerned about

Thu, 07/21/2011 - 10:16 | 1476954 nodhannum
nodhannum's picture

Damn, these things are getting predictable.  Snow in the winter and spring, heat in the summer, better than expected and always upwardly revised as far as unemployment goes.   Sorta boring though, as we slowly settle into the north atlantic.  See you in the PM life boat.  Ummm, does gold and silver float?  In this ocean of debt, I think it does.

Thu, 07/21/2011 - 08:42 | 1476563 GeneMarchbanks
GeneMarchbanks's picture

I will piss in each of your Thousand Lakes!

Thu, 07/21/2011 - 08:44 | 1476572 rodocostarica
rodocostarica's picture

make that 10,000 lakes please. One filing per lake about.

Thu, 07/21/2011 - 08:51 | 1476606 GeneMarchbanks
GeneMarchbanks's picture

Fine. Spare time + Gatorade.

Thu, 07/21/2011 - 08:43 | 1476564 sbenard
sbenard's picture

Ah, but news is now irrelevant!

Thu, 07/21/2011 - 08:43 | 1476565 slaughterer
slaughterer's picture

Blame it on Minnesota and NY, bitchez

Thu, 07/21/2011 - 08:44 | 1476570 papaswamp
papaswamp's picture

Actually NY had the worst report. All those high end prostitutes now out of work.

Thu, 07/21/2011 - 08:48 | 1476592 SheepDog-One
SheepDog-One's picture

In NY, the politicians lost their jobs? When did that happen?

Thu, 07/21/2011 - 09:55 | 1476858 Mach1513
Mach1513's picture

No.  It's there "clients" who lost their government jobs.

Thu, 07/21/2011 - 10:17 | 1476960 nodhannum
nodhannum's picture

Can we get 50% off Groupons for those high end hookers?

Thu, 07/21/2011 - 08:44 | 1476573 Quintus
Quintus's picture

I blame if on the Boogie, myself.  Although rumour has it that the Sunshine, Moonlight and 'Good Times' may also be implicated.

Thu, 07/21/2011 - 08:44 | 1476574 jkruffin
jkruffin's picture

Government workers, teachers, etc...  now getting hacked....the numbers are only going to get worse.  Nice job there Obammy.....no re-election for you, and that is what you get for running on a ticket for change, and you put the same idiots who caused the crisis around you in key positions.  How much more stupid can you get?

Thu, 07/21/2011 - 08:51 | 1476598 dwdollar
dwdollar's picture

I wouldn't write off Obama yet.  A third candidate could easily divide real conservatives from warmongering big government conservatives.

Thu, 07/21/2011 - 08:59 | 1476630 Bob
Bob's picture

Just as likely is a liberal candidate to split the traditionally democratic vote. We could have a real interesting horse race coming up.

Thu, 07/21/2011 - 10:13 | 1476940 MachoMan
MachoMan's picture

Or stimulus checks of $800 go out to everyone making less than $250k a hair before election time...

Thu, 07/21/2011 - 11:55 | 1477331 Bob
Bob's picture

LOL, if it could be done by Executive Order, I wouldn't be surprised!  But there's that House of R that would kill it in a second.  Barry is gonna be on his own. 

Hopefully, the Tea Party will inspire a "progressive" response that will mean the end of the 2 Party system.  All you have to consider to see the advantages of the left and right "extremes" finding representation is what Ron Paul and Ralph Nader would agree on: The Military, Patriot Act, TBTF, "social" liberties (gays, drugs, etc.), possibly even the Fed. 

Thu, 07/21/2011 - 14:22 | 1477972 MachoMan
MachoMan's picture

I think the only way to end the 2 party system is to make legal mandate...  and go to a publicly funded campaign run...  If any inroads are made in this regard, the new blood will simply usurp/cannibalize another party or parties...  the remainder of each being used to form a new party...  It's like trying to headbutt the water out of a swimming pool.

Thu, 07/21/2011 - 09:56 | 1476867 Mach1513
Mach1513's picture

....There's a ... difference?

Thu, 07/21/2011 - 08:44 | 1476575 dwdollar
dwdollar's picture

+100 DOW

Thu, 07/21/2011 - 08:45 | 1476577 DavidJ
DavidJ's picture

Its the jobs stupid!   

Thu, 07/21/2011 - 08:46 | 1476579 DavidJ
DavidJ's picture

Its the jobs stupid!   

Thu, 07/21/2011 - 08:47 | 1476585 mess nonster
mess nonster's picture

400K, 418K, 408K, 405K, 410K... why are all you unemployed folks surrounding my 401k???

Thu, 07/21/2011 - 08:49 | 1476595 the not so migh...
the not so mighty maximiza's picture

Whats up with that? they have the hunger look in their eyes.

Thu, 07/21/2011 - 09:18 | 1476712 bigdumbnugly
bigdumbnugly's picture

well done, messy.

Thu, 07/21/2011 - 08:49 | 1476599 undercover brother
undercover brother's picture

Doesn't matter. Up we go regardless.

Thu, 07/21/2011 - 08:51 | 1476600 undercover brother
undercover brother's picture

and of course good corporate earnings trumps high unemployment.....until it doesn't.

Thu, 07/21/2011 - 08:50 | 1476602 SheepDog-One
SheepDog-One's picture

What I cant figure out is where they found 400K+ people to fire every week for the last 2 years! 

Thu, 07/21/2011 - 09:54 | 1476852 notaFerengi
notaFerengi's picture

I was just wondering that myself. Having been out of work for over two years and watched another laid off co-worker fail again and again to find a job also, makes me wonder what is going on. All the mantras on retraining and more education are just so much BS. I am also watching college grads from last year and this year working at fast food places. Those that still have jobs are scared -nothing has really changed in the last four years - just the corporate profits.

Thu, 07/21/2011 - 10:17 | 1476956 MachoMan
MachoMan's picture

Well, if our economy was 70% service based, then I'd say a lot of people can be found to be out of a job...  aside from the fact that during the run-up, we collectively pretended that about 3 corporate workers were necessary for every job...  management jacked off all day...  plenty of fluff to remove.

Thu, 07/21/2011 - 10:22 | 1476973 dwdollar
dwdollar's picture

Yep, college is a joke.  So many generations are brainwashed into believing it's their salvation.  Truly disgusting.  For +80% of people it's nothing but debt slavery.  WORSE than credit card debt.  At least credit card debt can be discharged.

If you're reading this, you have been warned.

Thu, 07/21/2011 - 08:50 | 1476604 jkruffin
jkruffin's picture

Government workers, teachers, etc...  now getting hacked....the numbers are only going to get worse.  Nice job there Obammy.....no re-election for you, and that is what you get for running on a ticket for change, and you put the same idiots who caused the crisis around you in key positions.  How much more stupid can you get?

Thu, 07/21/2011 - 09:01 | 1476622 Azannoth
Azannoth's picture

Obama won't get re-elected but not because of anything he has done or didn't do, except for pissing off the jhus. There are bigger zionists out there on the ballot box than him, did he honestly believe that the jhus would let a nigher run the show for longer than was expedient, they simply needed a fallguy for what Bush did so the next (real)president could start with a clean record

Thu, 07/21/2011 - 08:52 | 1476608 firstdivision
firstdivision's picture

Bullish for earnings...less costs.  This shows how companies will "beat" come Oct.

Thu, 07/21/2011 - 08:56 | 1476623 John Law Lives
John Law Lives's picture

Companies can play the same game Apple plays every quarter.  They guide EPS expectations lower for the next quarter and then beat EPS projections that were much too low.  Seems to work every time for Apple these days.  It is all a game.

Thu, 07/21/2011 - 08:52 | 1476609 Dinho360
Dinho360's picture

Report says Minnesota added only 1,750 claims. So, you can't blame Minnesota.

Thu, 07/21/2011 - 08:53 | 1476610 firstdivision
firstdivision's picture

Bullish for earnings...less costs.  This shows how companies will "beat" come Oct.

Thu, 07/21/2011 - 08:54 | 1476613 serndipity
serndipity's picture

Obama responds.......

I am a job adder, 14% more staff here in my White House,  many of them by my Michele.

He also added that that the army of unemployed (measured by the continuing jobless claims) came down by 50,000.

 

Thu, 07/21/2011 - 08:54 | 1476616 Re-Discovery
Re-Discovery's picture

The parasite thrives as the host dies.  When does Wall Street decide to relocate en masse to Bermuda?

Thu, 07/21/2011 - 09:21 | 1476720 Raymond Reason
Raymond Reason's picture

Yes Re, and therein lies the paradox...the parasite's success insures it's own demise. 

Thu, 07/21/2011 - 08:54 | 1476617 Cvillian
Cvillian's picture

It seems as those surges in NY are then followed by massive declines in claims. Any explanation for this phenomenon? Just saying... 

Thu, 07/21/2011 - 08:58 | 1476626 bob_dabolina
bob_dabolina's picture

"The ongoing 99 week cliff problem is hitting more and more people as 132K dropped off EUC and Extended benefit rolls for the week ended July 2."

The best way to create jobs is through unemployment benefits (like I've said before) that's why I am proposing a doubling of EUC from 99 weeks to 198 weeks. We also plan to create jobs by raising taxes.

-Nancy Pelosi any day now

Thu, 07/21/2011 - 09:30 | 1476759 bigdumbnugly
bigdumbnugly's picture

they'll have to pass this measure before you can find out if it works.

Thu, 07/21/2011 - 09:01 | 1476635 Silverhog
Silverhog's picture

No doubt we're in for another no volume climb in the Dow to prove to the unemployed peasants that it's all in our minds. Things are great, so stop getting in the way of this major recovery.  

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