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Initial Claims 457k, Down From 476k Revised, Durable Goods Down 1.1%
Initial claims at 457k, statistically insignificant compared to expectations 463k, down 19k compared to the prior weekly revised number (476k, from 472k). We expect another upward revision here. Continuing claims at 4,548, identical to expectations at 4,550 (previous 4,571k revised to 4,593k). Extended benefits once again blow out, +116,432 for the week ended June 5. Durable goods at -1.1%, compared to -1.4% expectations. Ex-transportation was 0.9%, versus expected 1.0%.
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Finally some good news! This should be good for a 200 point gain today.
There's more good news to come today -- the financial reforms bill is reaching fruition -- surely it will come out with the bankers having their way. That will cause the markets to be joyful by end of day.
The recession is over. These numbers prove it. Until they are revised.
Steve Liesman is already placing a positive spin on the data. He compares it to yesterday's tennis match...?? CNBC is like Saturday morning cartoons while grandpa was growing up..
Economy has lost 450k jobs a week for 2 years and it is good news. I just dont see how this is . SO fn what if economists predicted the numbers before hand they still suck after 2 years
The guys name says it all "LIESman".
What we have here is a Jobless Recovery & Houseless Recovery & Salaryless Recovery & Inflationless (Minus Food & Energy) Recovery.
Now if we could only get a LESS two more things: WaShiTon & Whore Street Banksters
+100
+100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000
Big Numbers Bitchez!
In other words: a recoveryless recovery.. Buy equities and houses while they are cheap!!! Be a patriot!!.. Be a Citizen..
Rick and Steve grope and lick each other as , Can't we just get along..theme is pushed by
that "pirates dream " Becky slow..got the numbers and shut it off.
Cnbc gotta get the love flowing could be the elites are feeling the discontent is getting too hot and the one is done.
Thank goodness the futures are gonna open in the green. That was a scary 30 or so minutes.
Exactly, this has gone from being figuartively retarded to literally and clinically fucking retarded.
Wait til construction workers start hitting the roll in DROVES in Aug. - Sept.
A large percentage of seasonal construction workers (highway, pipeline, building etc.) are busy now. But the projects are much more short term. Everybody wants/needs their work done "first thing". There is nothing after that. Last week I started laying off people that normally would have worked til Nov./Dec.. As things come in I may be able to rehire them, but no promises. Other than government funded projects (roads), NOBODY is spending money that isn't absolutely necessary. Road projects are also suffering as County and Municipalities have no money for repairs or improvements.
People that were working 2500-3000 hours/year three years ago are grateful for 1500 today. Many won't even get that.
Good luck people.
I'm in Louisiana. I was at a meeting on Tuesday where the state representative told the crowd that the state legislature was able to "save" funding for the public hospital (we have a charity system here) and the local college. But, he explained, Louisiana got $9B of federal money for Katrina this year and that number drops to $2B next year. He told everyone to get involved if they wanted to save funding. No way in hell Louisiana isn't going to implode (and it should as all profligate regimes should) without those federal dollars.
Anyone know yet how many imaginary (birth death) jobs were added this week?
You are confusing the Weekly Initial Claims with the Monthly Employment Situation Report.
And....Futures rally into the open. Of fucking course.
The sad fact is, the dow will probably rally over 100 points today on this "positive" report while it barely budget yesterday(and the past few days) on absolutely horrible numbers. Why do I even care anymore???
TD,
Have you checked out BDI lately?
I am sure you'll find it very interesting!!
And this is the tip of the iceberg. Wait until state and local fiscal budgets of bankrupt cities and states start dealing with their problems. We are on the verge of adding millions of public employees to the unemployment roles. Its already starting to happen in California. Its going to be a long hot summer....................................................
You are making the mistake of assuming that State and Local will be allowed to fail -- they too are TBTF and will be duly bailed out. Now that the US is also into soccer, kicking can down the road is gaining popularity!
We have what ... two or three more of these reports before the state and local worker implosion begins?
Bloomberg headline: •U.S. Jobless Claims Decline From Two-Month High as Labor Market Improves
Fularious. Simply fularious.
Bloomberg is your bestest friend if you like bear spreads: short delusion, long reality.
Ammo Bitchez!
ammo-deals.com
They are a pricing search engine for all calibers. purchases are shipped right to your door. a few States are excluded though.
Where do these Durable Goods expected -1.4% come from? Bloomberg shows expectations were -0.5%.
Its 9:47 and the Dow is down 52. The question of the day is: at what time will it first turn positive?
I'll say 11:06
Why are you so pessimistic? I'll go with 10:30. Why? Because I can't think of anything more absurd.
...and the sweeping of the unemployed under the rug continues.
Easier to dispose of the problem with statistics than to have them gainfully employed.
Rex: "Buzz, the monkeys aren't working! We're froming a new plan -- remain calm! Oh, where can he be?"
I agree, economy has lost 450K jobs a week for two years and this is good news!!! WTF
Has someone poured LSD/Hopium into the water supply?
Those crazy terrorists making us all happy.
That EURO buying support has returned ...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1