Initial Claims Worse Than Expectations Of 419K, Print At 427K, Prior Number Revised Higher

Tyler Durden's picture

There is nothing to excuse last week's once again disappointing jobless claims number which came at 427K, even as the lemming horde was expecting an improvement to 419K. The previous number of 422K was revised as is always the case higher to 426K, in an attempt to make the W/W deterioration seem less than expected. Continuing claims on the other hand surprised to the upside, coming in at 3,676K on expectations on 3,700K, with the previous revised higher to 3,747K from 3,711K. Ever more people continue to drop out of the 99 week category as 52K fell out of EUCs and Extended Benefits. Elsewhere, the US trade balance came in better than expected as the US imported less: the US Trade Balance in April came at -43.7bln M/M vs. Exp. -48.8bln, with the Previous -48.2bln, Revised to -46.8bln. The only number however that matters is the continued deterioration in claims.

Full report.

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drchris's picture

It must be snowing somewhere!

knukles's picture

Not ot worry.  In a couple of weeks it'll be Recovery Summer.


TruthInSunshine's picture

Welcome to McAmerica, bitchez!

Brought to you by over 40 years of the most insane fiscal and monetary policies that only a clown like Ronald McDonald could get behind.

Ba Da Da Da Da -- McLuvin' it.

Caviar Emptor's picture

The Downsizing of America continues. 

SheepDog-One's picture

3rd worlding of america going according to schedule. Zorin.

G-R-U-N-T's picture

So tell me how are the millions of the unemployed going to feed themselves and there families?

G-R-U-N-T's picture

Let me rephrase that...

Fundamental question: How are the millions of unemployed going to feed themselves and their families?


nate28jf's picture

Food stamps.  Yesterday I was behind a perfectly healthy guy my age with 2 shopping carts full of groceries...all on his EBT card (or whatever you call it).  He had ribs, sausage, all of this really good food.  I had returned the water bottles from my small office on my lunch break to buy a pack of hot dogs.  I'm working 40+ hours a week, and this guy is given more from the government than I get by making an honest living.  Maybe I'm the sucker for working and not leaching off of the government.

MassDecep's picture

Be careful what you wish for, of course, 41,000,000 and climbing, can't be wrong!

ElvisDog's picture

hmmm, I don't think the SNAP benefits are all that generous. A couple hundred dollars a month maybe.

TruthInSunshine's picture

The average (which has a tight cluster, so it doesn't vary much from city to city) is $615 for a family of four.

There is a legitimate need for this type of assistance, especially to children, who have no real advocates in the political process, and haven't done anything wrong to deserve the idiocy they're being dealt.

I'm not a big fan of expanding the welfare state, but when it comes to SNAP, it's a literal drop in the bucket compared to TARP, TALF, QE1-2-3-through-88; hell, it's a drop in the bucket compared to the commissions paid to primary dealers on treasury purchases under POMO.

Kill the parastic banks and financials, who do nothing but destroy capital and capitalism, and who suck 100,000x the taxdollars that PB&J under SNAP ever will.

r00t61's picture

Preach on, my brother.

Ron Paul has similar sentiments - he'd prefer to cut all spending, in an ideologically pure universe, but if the answer is targeted cuts, he'd start with the military industrial complex and the financial-crony state.  Both are much bigger offenders, in both moral and monetary degree, than cutting off food for children or medical care for the retired elderly.

Once the MIC and the financial parasites are dead, it would be easier to gradually eliminate the other benefits programs, hopefully because people find that they don't need them anymore.

ElvisDog's picture

hmmm, I don't think the SNAP benefits are all that generous. A couple hundred dollars a month maybe.

ElvisDog's picture

hmmm, I don't think the SNAP benefits are all that generous. A couple hundred dollars a month maybe.

blunderdog's picture

A few years back, I was working full-time at fucking Starbucks pulling in $18K a year.  I was on foodstamps at the time.

As irritated as I become these days when I'm on line with my bags of potatoes and dried beans behind the EBT folks with steak and Entemann's cakes, I wouldn't want to return to the hassles involved with getting and maintaining the benefits I had back then.

Don't kid yourself.  If you want to experience the joys of being poor, it's easy enough to try out. 

Lemme tell ya: it SUCKS.


MassDecep's picture

Grow a garden ? Has to meet Goverment Regulations. Must have plenty of Bromide, Aluminium, Flouride and other sufficient dumbing down agents incorporated into your crops.


Broomer's picture

Growing a garden in a big city is not a good idea. Often the soil is contaminated. If you want to do so you need to test the soil first.

MassDecep's picture

Yep, and will probably be right up to Gov. standards. As long as it slow kills you, you will do fine.

Fox-Scully's picture

Oppressive heat in the middle of the US prevented people from going to work so they stayed home and filed electronically for unemployment.

CosmoJoe's picture

Glad to see Obama's laser focus on jobs is paying off! ;p

CosmoJoe's picture

Thats your best response huh?

Our company president gave a quarterly update a few weeks ago and  you could see the fear in his eyes about the possibility of our business experiencing another serious downturn like in 2008 (when we laid off about 10% of our workforce).

Obama's adminstration has created more FUD for the business community than I have ever seen before.

Conchy Joe's picture

At a cost of trillions to the taxpayer and future generations.

Hardly an effective return on that kind of money.

CosmoJoe's picture

Not sure if you mis-read my post but the point is that this administration has created fear and stymied hiring in the private sector.  The best thing the Govt can do right now is basically get the f*ck out of the way and stop doing things to tinker with the economy (QE, etc).

If you are refering to "stimulus", then yes - it was a complete disaster unless you look at it for what it really was; payola to Obama's constituency.

Let's be clear about one thing; the Government can't create jobs, contrary to what they try to say. They *can* create an evironment that is conducive to job growth (or the opposite as it stands today) but that is about it.

Forward History's picture


Anyone with half a neuron in their brain saw the vote-buying at work.

smithcreek's picture

He is focusing like a laser on jobs.  What does a laser do when you focus it on something?  Does it "grow" it?  Nurture it?  Help it?  No, it destroys it.  So when Obama said he was going to focus like a laser on jobs he was telling the truth, it's just no one understood his real intent.

Racer's picture

And the market loves it

kito's picture

the market loves the trade deficit shrinking. its not all doom and gloom

docj's picture

Yay!  American Consumers(tm) are buying less iCrap (because they can barely afford the new-and-improved food and energy prices) and therefore less needs to be imported.

That's bullish!!


John Law Lives's picture

Some recovery...

Time for QE-infinity

writingsonthewall's picture

No more spin on the numbers? - are they giving up?


Is the realisation that you canot lie your way out of recession finally dawning on the clowns of corruption?

Is this what it's come too? - we make up our own excuses for the poor numbers on their behalf because we feel sorry for their pathetic ignorance?

US Unemployment - even the corrupted official number - is staying over 9% - possibly reaching 10% by the end of the summer.

cainhoy's picture

make the pie higher!

gaoptimize's picture

Why would the lemming horde expect anything less than last week's number given the obvious deterioration in factors that support employment?  I am actually shocked this number was not above 450K and suspect manipulation kept it below 430K.

jerry_theking_lawler's picture

don't worry. manipulation or not, its going back over 450k...and soon.

aheady's picture

It's so, you know, sunnaaaaay.

TruthBeforeAll's picture

So these were "unexpected" results. Seems that word get's used alot by this administration. I wonder if they could trademark it?

jtmo3's picture

It's always unexpected because they're all MORONS! What else could it be. Lying sack of shits? Certainly not.

TheMerryPrankster's picture

I like to call it the "infinite surprising/unexpected economic data du jour" another day, another "surprise". The finest overpaid government semantic experts, and this phrase is the best they can muster. Even our propaganda has become weak and ineffectual, is there nothing government cannot destroy through its excess and hubris?

A fun mental game is to take the semantic opposite of whatever adjective is proffered and substitute it for the one in the headline. Surprising becomes expected.

jtmo3's picture

Go futures GO! Up, Up and AWAY!

Silverhog's picture

US imported less. No shit, who the hell is buying anything. I can't and I know a load of folks who are in the same boat as me. 

gaoptimize's picture

Existing contracts, probably winding down now.

SheepDog-One's picture

C'mon McDonalds dammit hire some more people!

Beatscape's picture

The worst employment downturn in the US since the Great Depression and there's no sign of a turnaround.  Remember, unlike the unemployment rate which is a lagging indicator, initial claims is officially a leading economic indicator.  So this is not good news.  Although we are not printing a number over 600,000 like we did at the worst of this downturn, anything over 400,000 is worse than normal economic times.

StychoKiller's picture

Flawlessly logical -- what's your prognosis, Spock?

Dreadker's picture

Pure lunacy that futures are up on this data...