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Initial Claims Come At 436K On Expectations Of 424K, Previous Revised Higher Of Course To 410K
Headline scanning robots unhappy. In addition to the deterioration in initial claims, continuing claims also missed expectations, coming in at 4270K on expectations of 4200K with the previous revised from 4182K higher to 4217K.
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ADP beats. NFP misses. Can't wait to see what the actual (versus adjusted) Ministry of Truth number is - just for laughs.
UE IC all provided now for noise. Markets will ignore. Trade accordingly
Total for all UE programs saw an increase of 377,380 to 8.9 million.
And if congress doesn't approve UI Extension our unemployment rate will magically decrease!
True, but a continued decline in size of workforce and increase in NILF is noticed by many...just not the sheeple. An interesting number will be the SNAP number for September. This is when things were supposedly turning around in the job sector. If there is a continued dramatic increase (+250,000) on food stamps, then I think we can call BS on all the labor numbers.
Yes and civil unrest will magically INcrease!
I would wager that if HarryWanger were on ZH this morning instead of selling his wares in Chicago, he would say it's all good because the stock market futures are up. Everything revolves around the stock market.
It appears Harry is one of those trained monkeys, pushing all the buttons he's been trained to push. Banana anyone?
Hey Cog,
Of course the futures are up on this news. Gathering unemployment is good news for the market and should be a further heralding that the recession is over and possibly never happened.
Hark the unemployment sings,
Glory to the fiat kings,
Hell on earth and despotism,
God-like is all Goldman's guide,
Acts of terror, suicide banking
Bailout the bankers fuck the citizens
Fiat gods will proclaim;
“Wealth is born with printing press”
Hark the unemployment sings,
Glory to the fiat kings.
Crash JP Morgan! Buy Silver!
http://www.guardian.co.uk/commentisfree/2010/dec/02/jp-morgan-silver-short-selling-crash
It's been so nice and quiet the last few days though. I can get most of the way through a thread before throwing shit at my monitors.
LOL
I almost didn't post my thoughts considering they were about Harry, thus his name would appear in print even when he's absent. Alas, my need for sarcasm won out and I posted anyway.
We must all realize that Harry does appear to be either a psyops agent or a sociopath personality. Either way, it explains a lot.
Look below. And it's all your fault. You Beetle-juiced him.
All numbers positive or negative are cooked, the real numbers must be ugly. I guess I am negative outlook guy.
The downsizing of America continues on schedule.
Not many people want to see it that way, but given the massive ongoing elimination of jobs and the narrowing opportunities to replace them, we're talking downsizing of employment capacity. And increases in productivity don't account for anywhere near the losses, especially when you consider that most of productivity gains are due to decreased wages during a monster recession.
However, record increases in productivity, DO mean that we would need a few million less worker bees, even if everything were peachy again.
true. But my point is that the rise on productivity is the excuse proffered by perma-bulls to account for massive job losses, and the numbers aren't even close to matching up. My second point within this point is that most of "productivity gains" is in fact nothing more than pay cuts, which decreases unit labor costs. It's not really accounted for by "working smarter" or automation. It's all just a massive downsizing of the US economy, a sign of the decline.
In the long-run this may be great but in the short-run with more unemployed who is going to buy all these new efficiently produced gadgets?
But we don't do gadgets. We send all that work to China, as ordered by the Fed. Secret Reason? It's the only way we've kept inflation under control.
True then we can replace gadgets with services since we are essentially a service economy. A day or so ago I was reading Caterpillar is moving even more production to China...from Japan!
Chinaguy I dont really care about what 'they' need in the way of slaves. Productivity 'improvements' are simply less people working longer hours for less pay.
Oh, c'mon. You make it sound like there would still be major unemployment even if all those lazy, worthless SOB's drawing unemployment/welfare payments while spending their days watching reality tv were looking for work like they should be!
Everybody knows that severe unemployment is produced by socialist incentive programs and useless people. The solution is to just cut 'em off. I know this--I keep reading it at ZH.
/sarc
Yes, and what method do you think they have in mind to reach their goal of 500 million max world population?
SheepDog your FEMA camp is ready for you...
Oh well I doubt anyone will be seeing me there, we have a rather radical surrounding community here in Montana.
But seriously, what do people imagine will become of these 20 million at least unemployed?
They start leaving the citys and go into the suburbs looking for easy takens.
The downsizing of America continues on schedule.
This is a world-wide problem, not just an American problem.
speaking of unemployment - where has johnny bravo been? (i mean the real one). has anyone been hired to fill his shoes bashing the PM's here?
or is his absence a sign that he got a real job somewhere. like maybe being allowed upstairs to polish his mother's silverware set?
He promised that if gold made 1400 before 1100 or some such bullshit number, that he would never post here again. Hopefully, he is a man of his word.
Amen.
STILL losing 450+ thousand jobs weekly! Taking out the microscopian analyst 'surprises' of a couple thousand here and there...how ANYONE can call this monthly bloodbath 'the new norm' is terrifying considering the obvious outcome of it all.
Expect the term 'tent city' to become a lot more commonplace.
tent city - Obamaville
Obankstavilles.
62 miles from the US Capitol Building there are, near CSX tracks, 1,700 men, women and children living under tarps in the woods being supported by a local church group. The temperature last night was 26 degrees F.
God help us all.
God save us.
The Devil is in the details.
Just in time for the UC gravy train to dry up. Things should get really interesting once a few million people fall off the rolls and begin their new careers as professional transients!
After the mass job losses of the early 1980s, homelessness was rampant. That's when the New York City squeegee guys got ubiquitous
Not that bad on the claims number really, so go light on the spin. What we did see today were some strong retail numbers, as I've been saying, across the board. So a very light miss on claims, certainly hasn't filtered into our retail sales or just about any other outlets.
Yeah, that spin is heavy, ain't it? What's the big deal about another 436,000 people losing their jobs when it's been going on for two years now? Financials are booming. Gotta luv them numbers!
As for claims, we can only hope for an end to those damn extensions so the numbers will get back to where they should be to fill out the picture.
/sarc
Laughable.
http://www.youtube.com/watch?v=zDAmPIq29ro
The jobless number will never mean anything as long as the structural problems remain. Those who trade these things are just looking for a little daylight to ramp up their favorite stocks. As far as retail goes, how much money does it cost the government to boost those retail sales?? You've heard of dimes in front of bulldozers, as a risk paradigm, consider how many bulldozers does it take to dig up one lousy dime? and who is paying for it?
no living being with a soul gives a rat's ass about your retail numbers.......
Not that bad? Are you nucking futs?
They are raiding the house Harry and they'll find the cheerleaders useful. Capiche?