You're now on the archive server. Commenting has been disabled.
Explaining Emergency Unemployment Compensation To Steve Liesman
Economic data adjustment/recasting/proforma expert (aka CNBC Senior Economic Reporter/Producer), and the government's favorite mouthpiece, Steve Liesman, apparently has never heard of EUC. In the clip below we were much amused as the COMCASTIC ones were trying to make yesterday's Dept of Labor data into something positive, when instead the influx of 328k into EUC programs weekly, demonstrated the complete lack of hiring and the roll of hundreds of thousands from continuing into EUCs on a weekly basis (592k in the last two weeks alone). Please see 2'40" in the attached clip.
And because if you want to get something done right, you have to do it yourself, here, highlighted in red, Mr. Liesman is the data you may consider looking at before your next propaganda improv session, together with a pretty chart which should make it all too obvious.
»
- 10674 reads
- Printer-friendly version
- Send to friend
Similar Articles You Might Enjoy:
- Same Unemployment Insurance Misreporting, Different Day: Initial Claims Down 22,000 As EUCs Surge Almost Two Hundred Thousand
- Steve Liesman Responds To Zero Hedge, Says Things Aren't Good "By A Long Shot"
- Bill Dudley On QE2: "I Don't Think We Knew That The Dollar Was Necessarily Going To Weaken"
- Santelli's Stages Of Dealing With CNBC Propaganda: Anger, Anger, Anger, Acceptance
- Initial Claims Misses Estimate By 42K, Emergency Compensation Explodes By 652K Over Last Week
One of the more popular gifts this holiday season is the Steve Liesman Puppet. Pull the string and it says "better than expected...better than expected...better than expected". And it's empty ceramic head can be used to store jelly beans!
+google (that's a 1 with a hundred zeros behind it)
Liesman is a cog in the aptly named "Kolivakis Filth Gear". Lies, lies, lies. Nothing more, nothing less.
I'm glad you guys reposted this. If Santelli reads ZH, which he must, here's the link to send Lies-man (what a tool):
http://www.dol.gov/opa/media/press/eta/ui/current.htm
Liesman has never heard of EUC, and labor doesn't want anyone else to know about it.
"how much would you like to make a wager there, big guy?"
HAHAHAHAHAHAHAHAHAHAHAHA
Reminded me of the Schiff/Laffer bet, also hilarious.
Pete's still waiting for the copper.
Lafer the welsher..
LoL! Is that a Leisman height reference? Brilliant!
Never been a Santelli fan - in fact dont watch CNBC but Im starting to like Santelli particularly the head shakin stuff at the end. How long does he expect to remain employed by bubble vision?
Steve Liesman is pathetic reporter. Instead of inquiring as to what Santelli was referring to, he dismissed him outright. No intellectual activity happening inside of his head whatsoever. It angered me to see Santelli given that kind of treatment.
Steve Liesman, you are a joke!
Liesman v Santelli is the only reason anybody tunes into CNBC.
I wonder if the Comedy Central News Squad will be all over this.
Liesman is a buffoon!! He so desperately wants to be an economist instead of the idiot he is.
He wants to work for the FED. He cant honestly believe all that spin he shits out his mouth. Gotta be a reason for it...
Stick that in your pie-hole Liesman.
Thank you for posting this ZH.
If you thought CNBC's ban on criticizing the administration under Immelt was bad, just imagine what it will be like under Comcast:
http://thehill.com/blogs/hillicon-valley/technology/70767-comcast-nbc-de...
Thanks for that link. It was sickening, but informative.
How many people have sent this post to CNBC and where do I buy the pull string Liesman puppet?
Pure Santelli gold.
Hey give Rick Santelli a clap!!! At least that guy is on target.
Thank you ZH, yesterday I referred your article to as many as I could. Please keep it up we have a major problem with unemployment and the press is just not getting it.
Steve Liesman - often wrong, but never in doubt! "There is no emergency program Rick!" EUC = EMERGENCY Unemployment Compensation
http://www.ows.doleta.gov/unemploy/supp_act.asp
My magic 8-ball says that Santelli is about to join the unemployed.....
Liesman is pathetic
I'm glad you got to this. Apparently Rick reads ZH and was going to forward him your report from yesterday. Listening to Liesman reprt is possibly the worst (excluding Kneale).
I've said many times that of all the BS from CNBC, what comes from Steve Liesman's empty melon is the most dangerous. Many people dismiss guys like Santelli because he may come across at times like a hot headed person of Italian descent - not that there's anything wrong with that. But Liesman, well he's the "Senior Economics Reporter", the voice of reason. This morning was further proof of what LEISman really is, Propaganda Czar! I must say of the many half-truths, ignorant comments, and plain bullshit Keynesian econ fantasy rhetoric he spews this mornings revelation takes the prize. Liesman should go home put his superhero Fed pajamas on and take a long nap so he can dream again about being a serious economics reporter - because he sure isn't one in real life.
from Dept of Labor website:
EUC is a 100% federally funded program that provides benefits to individuals who have exhausted regular state benefits. The EUC program was created on June 30, 2008, and has been modified several times. Most recently, on November 6, 2009, the President signed the Worker, Homeownership, and Business Assistance Act of 2009 (P.L. 111-92) which expanded EUC by adding up to 14 additional weeks of benefits in all states, and creating up to 6 weeks of additional benefits in certain States with high unemployment rates. The EUC program is set to expire on December 31, 2009.
lol....
EUC programs can get "created" anytime during periods of high unemployment and economic stress. I worked under an EUC program back in the "Bush I" years in 1990.
This EUC program is highly likely to be extended/expanded before we hit the end of the year. In fact, extending the program is more likely than expanding MBS purchases, which are due to end in March 2010.
TARP, for the little guy.
... and for much smaller amounts.
POS!
If Rick Santelli left CNBC they could merge CNBC with CSPAN and let government hacks spew their economic propaganda straight from DC.
SANTELLI FOR CONGRESS!! LOL!
I'm in Chicago, and I'd not only vote, but volunteer for a Santelli campaign.
I can count on one hand the people that I would like to one day meet and shake their hand. Rick is one of those people.
In book House of Cards by William Cohan, he said Jimmy Cayne of Bear Stearns called the CNBC shrills "bubbleheads." Great name, and it fits so well. Best in business worldwide my ass. Then again, none are any good so the bar is pretty low.
On second thought, maybe Cayne wasn't so sharp either. They went bankrupt and Larry Kudblow was their chief economic advisor at one time.
is that pronounced 'leezman' or 'lies' man either way this man is a boob.
Liesman knows exactly what EUC stands for...
Everything's Under Control...
Santelli to Leisman: I think they should have you on Meet The Press too.
That's because this Sunday's panel of experts is: Greenspan, Granholm, Romer, Cramer (that would be Jim Cramer, host of Mad Money)
I never watch establishment/media shows (actually, not much TV), but there is the laugh factor built into that guest list. Actually, I would need to be strait-jacketed to have to endure what will proceed from their mouths.
In a different country/world, the question starting with Greenspan could be along the line of "Mr. Greenspan, can we have your thoughts on your imminent indictment of next week?" followed by "Is there any valid reason you should not be placed in a maximum-security prison for life with a very modest diet?".
Leisman knows exactly what EUC stands for...
Everything's Under Control...
Leisman knows exactly what EUC stands for...
Everything's Under Control...
I respect the control Santelli maintains from down in the pits and each day hope he doesn't stray too far into truth lest he gets the boot.
Bald faced Liarman? jackass
This is my first post.. I can't tell you how happy I am that Zerohedge picked this up. NO matter how bad the news may be Liesman will always find the good in it. The only guy
worth wacthing is Santelli.
Have you guys noticed that he hasnt been on since this morning.
In a prior career, I used to work in the EUC program for the Labor Department. So when this exchange came up this morning as I was leaving for work, I pretty much had to stop everything.
Mr. Santelli just proved to a vast majority of the economics and capital markets community just how utterly stupid Steve Liesman really is. Not only was Mr. Santelli right on the existence of EUC, he was exactly right on the numbers and trends. As in most instances, Steve Liesman is totally out of his league.
I really wished that Mr. Liesman would have taken the bet Rick Santelli proposed-- because the televising the payback would have been just as funny.
Comcast really needs to come in and clean house at CNBS. There's several reasons why ratings suck-- and having uneducated shills like Mr. Liesman is right at the top of the list of those things that just need to be let go.
LIES(man)
100% honesty in name and actions. Nothing more needs to be said as you get exactly what is named in this crusty old Comcastic CNBC product.
I actually feel for Liesman. The humiliation must be unbearable. At least he doesn't need to worry much, the sub-105's that listen to him will just assume that Santelli doesn't know what he's talking about.
That imbecile wouldn't know humiliation if it lopped the top of his empty head off with a band saw.
Narcissists never feel humiliated, no matter how stupid they're shown to be.........only enraged.
I don't know about you all, I have been on TV. It is a terrible place to put your foot in your mouth. Liesman did it like the expert he is. Santelli was ab-fab again!! I am surpised he has not been sent to re-ed camp yet. Watching the exchange was priceless, for everything else, you have the gang of three to cringe over, qweepie Karl, smirky Quick and tepid Joe.
Joe Kernan-- now there's a cranky old man that needs to go. He used to be somewhat funny. Now he's just a tired old act that doesn't add much value.
Rambles, studders, and mumbles too. Hard to understand him.
Leisman has a foot to argue on: "There is no EUC program". Technically, he's right. But we all know what he was referring to.
1) continuing claims, 2) EUC (emergency unemployment claims) AND 3)"Extended" benefits. Add the three together to find total continuing claims have not materially dropped since peaking this summer
Oh yeah, Santelli was right.
If indeed Liesman did post on here to let his position known, he does deserve some recognition for it. I do have sympathy for someone who is scrambling around, trying to analyze new day on the fly-- as someone else is trying to put a negative spin on things. But the sympathy doesn't last very long when you are just plain wrong about things.
The above post hits the nail on the head, though. While Liesman may be technically "right" to say that "all" unadjusted employment data has been worse than the seasonally adjusted data-- the underlying message that Mr. Santelli is trying to convey to the investing public is absolutely correct. The trends in the data show that the persistence and duration of people on unemployment continue to get worse-- and the "marginally better" initial claims/continuing claims/payroll headline data effectively hides that disturbing trend.
Mr. Liesman would do his audience a big favor by highlighting that significant problems in employment still exist, and that making a read on headline numbers alone do not give a clear or accurate picture on employment trends as a whole.
Not that he already doesn't know that...
Quick comment: I was wrong about what the program is called. Rick is right: It's emergency unemployment claims. I've reported on this number several times before (even making the same point that it's been higher than the topline continuing claims number.)
But I stand by my read of the data and disagreement with Rick, who said, "all the non-seasonally adjust numbers were much, much higher than the headlines." That's just not true.
There are three unemploment claims programs:
Continuing Claims
Extended Benefits
Emergency Unemployment Claims, which I just know as EUC.
Here are the NSA numbers from the week of Nov. 21, the latest for all three:
Continuing Claims: -299k
Extended Benefits: -190k
EUC: +327k
The net, not seasonally adjusted number, for all three changes for the week of Nov. 21 was -161,000. So it is wrong here to claim that the numbers overall are far worse. They are not. For one of the three, it is. And you can take your read from that anyway you like.
I've never claimed the improvement in claims shows hiring. The steady decline in jobless claims shows a reduction only in the pace of firing. That's all you can say. The rise in the EUC likely reflects what I reported on several times from the unemployment report last week: the long duration we see with unemployment in this recession.
5.8 million Americans have been unemployed for 27 weeks or longer, up 293K in the last report, leading to the longest avg. unemployment duration we've seen in the data, ever and by far. (Yeah, I'm so rosey I've reported this about eight times. But apparently that's more difficult to hear.)
The 5 to 14 week category, meanwhile, is down by about 800k to 3.5 million since May.
I'd be happy to have a debate but I'm not sure what's at issue. That things are bad? I don't contest it. That things are better than they were? Seems pretty plain.
Are things good? Nah, I wouldn't say so and haven't, not by a long shot.
Sincerely,
Steve Liesman or LIEsman, or LEEZMAN or whatever you like.
So what does this mean from the report:
States reported 4,178,780 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Nov. 21, an increase of 327,729 from the prior week. There were 729,256 claimants in the comparable week in 2008. EUC weekly claims include first, second, and third tier activity.
I see what you mean - all the Fedspeak is hard to keep track of.
S.Leezman:
"the longest avg. unemployment duration we've seen in the data, ever and by far" does note equal "Things are better than they were? Seems pretty plain" - Meanwhile, the 5-14 week category has dropped 20%...so we are firing 20% less people (assuming noone can get work within 14 weeks) but at the same time, yoy, we have 5+x people on EUC...oh, and also we've spend Trillions to make this happen...Ok, and I bet that the Copenhagen summit will stop global warming forever with no corporate agenda....
Laughing hysterically yours,
Someone who used to watch CNBC
Mr Liesman,
you seriously need to go on CNBC Monday and apoligize to Rick, and to do it ON TV so everyone can see it. The amount of people shifting off the normally tracked jobless rolls to this emergency program is Pathetic and really bad.
there is nothing wrong with reporting bad news when its true.
Here are the NSA numbers from the week of Nov. 21, the latest for all three:
Continuing Claims: -299k
Extended Benefits: -190k
EUC: +327k
The net, not seasonally adjusted number, for all three changes for the week of Nov. 21 was -161,000. So it is wrong here to claim that the numbers overall are far worse. They are not. For one of the three, it is. And you can take your read from that anyway you like.
Your an idiot. Yes, it is wrong. Why, because they are shifting from one program to another and not only that, more people are shifting to the other program. I think you need to go on these programs and test them out and bring Dennis and big boobs with you because you are all useless.
"The steady decline in jobless claims shows a reduction only in the pace of firing." - steve
Uhm... A reduction in the pace of firing, sure. It also shows something MUCH more important that I KNOW you have never mentioned on the air, and I'm quite sure you NEVER WILL.
The numbers also show how many people go on normal benefits, never find a job and fall onto the extended benefits, then, without finding a job, fall onto the emergency rolls.... and (surprise surprise) fall off them without ever finding a job.
The pattern has been very obvious for almost a year now. Why don't you chart it and check it out? Of course that bad news couldn't possibly be reported, at least by you, because you'd totally ruin your long stretch of being wrong.
Or, if you think that's simply too much for your audience to understand, here's a simple one:
How about bothering to report that the "headline" UE number that you, and other reporters like you, always fawn over does not include anybody that isn't on NORMAL UE. After falling onto the extended or emergency UE, they don't get counted anymore. After falling off the UE rolls entirely - without a job - they don't get counted anymore. (Don't believe it? Look it up.)
You wonder why your ratings are getting worse and worse? It's because more of us suckers are learning the truth about how ignorant most of the reporters like you are... I'm being kind there, btw. I'd prefer to think of it as ignorance rather than purposefully misleading the public into decisions that cost them their savings, 401k's, homes and more.
Hey LIESman you motherfucker. I've _NEVER_ called you that before but I will from now on.
Explain this:
http://www.cnbc.com/id/15840232?video=1316719275&play=1
WHERE ONE MONTH AGO YOU TALK ABOUT THE EMERGENCY UNEMPLOYMENT CLAIMS!!!
Hey. Easy there. Your critique might carry more weight without the useless vitriol.
You're right, and if I could still edit it, I would remove the MF.
I apologize to anybody that's offended, but after two years of hearing him, and other people in the same position, lie to the american people the useless vitriol has become a constant in life just as the lies have.
There are no words too strong for a blatant hypocrite thats employed in the media.
Vitriolic it may be, but also very damning, considering the pseudo apology above.
Just more Wall St lies.
BTW, I prefer SleazeMan for Steve...........
Fire Liesman for INCOMPETECE!
He just proved that he is not fit to be "Senior Economics Reporter".
If these are the kind of experts we can expect from CNBC, everyone will be tuning out.
+N
Hapens too me two.
But they shouldn't fire him - make it into a comedy segment. Like the Truman Show - he's the only one that doesn't know. "Man, people are always giving me high-fives and pats on the back these days."
Great Idea and rename CNBC . Instead of just Steve you could have a whole group of people. ideas for Names anyone?
Tool or Fool
Actually both
Here's the retard Liesman explaining EUC just about a month ago.
http://www.cnbc.com/id/15840232?video=1316719275&play=1
Emailed this to Santelli.
Thank you for posting the link to the video. After watching todays video and this video........speechless. CNBC are their stooges are criminals, nothing more. Sick.
Isn't he appropriately named- Lies-man! Let him know just how smart he is-
steve.liesman@nbcuni.com
I think the EUC 2008 title row, if I'm reading the chart correctly, is confusing. Shouldn't it be EUC for 2009 data?
CNBC has "technical trouble" with that video now, and another one published on the Big Picuture site....went to look for them on CNBC's site based on timestamp, but they are no longer there....yet the timestamped videos immediately before and after are available for viewing.
History is what they say it is.
Try it again. I'm not having any "technical trouble" getting it to play.
This video, and another posted by The Big Picture, are having "tecnical difficulties"....lol
Next CNBS segment with Steve and Rick: Rick's ass in Steve's face as Steve puckers-up in anticipation of payment for losing the bet with Rick.
The CDS (Credibility Default Swap) spread on Santelli - Liesman just widened-out to 1368 bp.
I tried to find the link Santelli said he was going to put on the CNBC site and couldn't find it. Instead I found a show of Liesman explaining what the EUC number was. Didn't he say their was no such number? http://www.cnbc.com/id/15840232?video=1316719275&play=1
I saw the Liesman Santelli exchange on TV this morning and immediately thought "the blogs will be all over that".
Read "Too Big to Fail." Paulson chose Liesman as the channel through which to disseminate information because he is a useful idiot for the government. If Liesman ever uttered a critical comment about the Fed/Treasury, he'd be useless as tits on a hog because his source of info would dry up.
At least Santelli can think for himself and doesn't just think higher market = happier viewers = higher ratings = keep my job (a la Liesman, Bartoromo et al).
Dennis Kneale was called in to explain to Steve L what this all meant.
Don't you mean Beeker from the Muppets was called in to explain to Steve L what this all meant.
EUC gives us some good insight into what is happening. But, why not also list people falling off the roles? They should have data on people moving off the roles, preemptively and as benefits expire. This would be very useful.
Also, there was some decline due to a shorter work week.
Mark Beck
They need to completely revamp how the keep track of unemployment. It is a joke. How can the unemployment rate fall from 10.2% to 10% when we continue to have a net job loss.
Which would you rather see?
Santelli on Bloomberg or Santelli on FOX?
None of the above. A entirely new business channel that has some credibility. Those have none.
ZH TV
Liesman is a FUCKIN' IDIOT!
Interesting how the DOL left out Tier 4 EUC...
How about this little noticed piece from Bloomberg: "Today’s report showed the number of people who’ve used up their traditional benefits and are now collecting extended payments rose by 137,496 to 4.59 million in the week ended Nov. 21. Workers in 50 of 53 states and territories are eligible to receive the government’s latest 13-week extension and not all are reporting the data yet. Seven additional states began reporting the figures, bringing the total to 14."
So only 14 states are reporting Tier 3 EUC. Full link: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a.CyoTBPhu4E
hahaha propaganda bot does not compute economic data input that is not in the script.
The best will be in 18 months when the EUC number actually is a positive one, theN the mental midget Liesman will be citing its existance once again.
CNBC does serve one good purpose....COMEDY.
Putting Rick against Liesman is like a pit bull vs. a dachsund. Not much of a fight.
Kudlow,Cramer,Dennis,Liesman and the rest of them should all be fired for incompetence and apologize on t.v. for their horrendously flawed reporting. Go back before the crash and view their videos where they totally ridicule people like Peter Schiff. If any of us were this incompetant in our jobs we would be fired.
Thanks for posting that. To me, Liesman seems really smart, interested in the truth, and not at all like the others at CNBC US (with some exceptions). I hope Liesman not knowing about the EUC thing and dismissing Santelli is an anomaly.
Thanks for posting that. To me, Liesman seems really smart, interested in the truth, and not at all like the others at CNBC US (with some exceptions). I hope Liesman not knowing about the EUC thing and dismissing Santelli is an anomaly.
Thanks for posting that. To me, Liesman seems really smart, interested in the truth, and not at all like the others at CNBC US (with some exceptions). I hope Liesman not knowing about the EUC thing and dismissing Santelli is an anomaly.