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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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Thu, 06/09/2011 - 08:39 | 1354047 drchris
drchris's picture

It must be snowing somewhere!

Thu, 06/09/2011 - 08:39 | 1354056 drchris
drchris's picture

Found it:

http://www.livescience.com/14512-strange-weather-snow-hawaii-june.html

 

Transitory people, nothing to see here.

Thu, 06/09/2011 - 09:16 | 1354126 knukles
knukles's picture

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

(sigh)

Thu, 06/09/2011 - 10:29 | 1354309 TruthInSunshine
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.

Thu, 06/09/2011 - 08:38 | 1354051 Caviar Emptor
Caviar Emptor's picture

The Downsizing of America continues. 

Thu, 06/09/2011 - 08:59 | 1354099 SheepDog-One
SheepDog-One's picture

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

Thu, 06/09/2011 - 09:19 | 1354132 G-R-U-N-T
G-R-U-N-T's picture

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

Thu, 06/09/2011 - 09:25 | 1354139 GubbermintWorker
GubbermintWorker's picture

Oh, SNAP!

Thu, 06/09/2011 - 09:30 | 1354153 G-R-U-N-T
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?

 

Thu, 06/09/2011 - 09:44 | 1354185 nate28jf
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.

Thu, 06/09/2011 - 13:27 | 1354207 MassDecep
MassDecep's picture

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

Thu, 06/09/2011 - 10:21 | 1354287 ElvisDog
ElvisDog's picture

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

Thu, 06/09/2011 - 10:36 | 1354316 TruthInSunshine
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.

Thu, 06/09/2011 - 11:35 | 1354557 fuu
fuu's picture

Exactly.

Thu, 06/09/2011 - 14:21 | 1355147 kekekekekekeke
kekekekekekeke's picture

preach

Thu, 06/09/2011 - 17:15 | 1355791 r00t61
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.

Thu, 06/09/2011 - 10:38 | 1354346 ElvisDog
ElvisDog's picture

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

Thu, 06/09/2011 - 10:44 | 1354361 ElvisDog
ElvisDog's picture

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

Thu, 06/09/2011 - 13:19 | 1354936 blunderdog
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.

 

Thu, 06/09/2011 - 09:34 | 1354168 MassDecep
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.

 

Thu, 06/09/2011 - 10:20 | 1354275 Broomer
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.

Thu, 06/09/2011 - 13:25 | 1354937 MassDecep
MassDecep's picture

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

Thu, 06/09/2011 - 08:42 | 1354053 Fox-Scully
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.

Thu, 06/09/2011 - 08:43 | 1354057 CosmoJoe
CosmoJoe's picture

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

Thu, 06/09/2011 - 09:03 | 1354098 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

When do we deport this guy?

Thu, 06/09/2011 - 09:28 | 1354148 CosmoJoe
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.

Thu, 06/09/2011 - 10:04 | 1354243 Conchy Joe
Conchy Joe's picture

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

Hardly an effective return on that kind of money.

Thu, 06/09/2011 - 10:06 | 1354246 CosmoJoe
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.

Thu, 06/09/2011 - 12:49 | 1354841 Forward History
Forward History's picture

+1

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

Thu, 06/09/2011 - 09:41 | 1354186 smithcreek
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.

Thu, 06/09/2011 - 08:39 | 1354058 Racer
Racer's picture

And the market loves it

Thu, 06/09/2011 - 09:22 | 1354143 kito
kito's picture

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

Thu, 06/09/2011 - 09:33 | 1354166 docj
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!!

WINNING!!!

Thu, 06/09/2011 - 08:41 | 1354060 John Law Lives
John Law Lives's picture

Some recovery...

Time for QE-infinity

Thu, 06/09/2011 - 08:47 | 1354065 writingsonthewall
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.

Thu, 06/09/2011 - 08:47 | 1354068 cainhoy
cainhoy's picture

make the pie higher!

Thu, 06/09/2011 - 08:49 | 1354073 gaoptimize
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.

Thu, 06/09/2011 - 09:22 | 1354140 jerry_theking_lawler
jerry_theking_lawler's picture

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

Thu, 06/09/2011 - 08:52 | 1354079 Quinvarius
Quinvarius's picture

These were to be the salad days.

http://www.youtube.com/watch?v=M1-NpyaOWV0

Thu, 06/09/2011 - 09:20 | 1354134 aheady
aheady's picture

It's so, you know, sunnaaaaay.

Thu, 06/09/2011 - 08:54 | 1354083 TruthBeforeAll
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?

Thu, 06/09/2011 - 09:00 | 1354089 jtmo3
jtmo3's picture

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

Thu, 06/09/2011 - 11:58 | 1354653 TheMerryPrankster
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.

Thu, 06/09/2011 - 08:58 | 1354084 jtmo3
jtmo3's picture

Go futures GO! Up, Up and AWAY!

Thu, 06/09/2011 - 09:00 | 1354090 Silverhog
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. 

Thu, 06/09/2011 - 09:01 | 1354092 gaoptimize
gaoptimize's picture

Existing contracts, probably winding down now.

Thu, 06/09/2011 - 08:57 | 1354091 SheepDog-One
SheepDog-One's picture

C'mon McDonalds dammit hire some more people!

Thu, 06/09/2011 - 09:02 | 1354094 Beatscape
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.

Thu, 06/09/2011 - 20:09 | 1356409 StychoKiller
StychoKiller's picture

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

Thu, 06/09/2011 - 09:03 | 1354097 Dreadker
Dreadker's picture

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

Thu, 06/09/2011 - 09:07 | 1354112 lizzy36
lizzy36's picture

Data is secondary to forex. Decimating the USD is going to save the country or something like that.

I always think of the rally due to Euro up USD down, a equivalent to losing weight because one is getting aggressive chemo vs. losing weight because one decided to clean up their diet and exercise everyday. Both have the same end point, but the former will leave the body weak, vulnerable, and prone to dying at a moments notice.

 

Thu, 06/09/2011 - 11:30 | 1354530 TruthInSunshine
TruthInSunshine's picture

It's obvious and it's pathetic.

At least the frequency of correlation has begun to break down, or, in other words, another of the scams from the ole' playbook may be done, as economic fundamentals begin to crowd out the games central bankers play, once again.

Thu, 06/09/2011 - 09:29 | 1354152 Beatscape
Beatscape's picture

We're oversold short term... The oscillators are all at lows where the bots move in.

Thu, 06/09/2011 - 09:04 | 1354105 Cdad
Cdad's picture

And now, even Art Cashin is begging for QE3.  We are now well beyond entirely screwed as Cashin notes that, "no one is worried about inflation in the US because the velocity of money is zero."  And exactly who is lost on this point?

As Ben Bernanke has now linked the fate of the US economy to US criminal syndicate Wall Street banks, and poured trillions of dollars into them, they who cannot release the funds because their books are still polluted with broken mortgages in "off balance sheet warehouses".  Duh.

Unless we are on the verge of making accounting entirely illegal, then nothing about this FUBAR situation can change, and it will quickly become very apparent to ALL that Ben Bernanke has gone ALL IN  [the bank bet] with a pair of deuces...and he is currently on the phone with his backers looking to see if the rules allow him to print more dollars and dump those into the pot on this bad bet, too.

Brilliant!

Is it bonus time yet?

 

Thu, 06/09/2011 - 09:16 | 1354128 Dreadker
Dreadker's picture

I love that the Obama administration is considering tax cuts for the employers too... I know our CEO will just be "sweet, less taxes, more profit, and we can still sail the ship with this skeleton crew ;-)"

Thu, 06/09/2011 - 09:10 | 1354118 fuu
fuu's picture

Just keeps getting uglier.

 99 weeks ago was 7/16/09.

Thu, 06/09/2011 - 11:25 | 1354508 mayhem_korner
mayhem_korner's picture

So there's going to be a surge of folks going off the unemployment rolls in the next 3-4 months.  Wonder if they'll intensify the job hunting or just go on a looting spree...

Thu, 06/09/2011 - 11:40 | 1354568 fuu
fuu's picture

I suspect that if they can keep the weekly number under 450k for the next few months they will get a headline rate of under 9% when that big group starts dropping off and that will look really good on paper.

Thu, 06/09/2011 - 09:22 | 1354141 kito
kito's picture

everybody calm, remain seated, trade deficit narrows. stock futures up.

Thu, 06/09/2011 - 10:12 | 1354258 ColonelCooper
ColonelCooper's picture

Would you care to enlighten us as to WHY you think it narrows?

Thu, 06/09/2011 - 09:23 | 1354144 overmedicatedun...
overmedicatedundersexed's picture

make war in iraq, afganistan,

pakistan,libya,and now yemen ..

bullish on bombs and bullets and oil..

the energy costs of these wars may explain the oil price, obviously it is not the robust economy

my bet the military is burning up av gas, and diesel at record pace.

funny none of the press is looking at why gas prices are rising in a recession.

 

Thu, 06/09/2011 - 09:27 | 1354145 0 Wedge
0 Wedge's picture

"Green shoots" are just hitting "bumps on the road to recovery" - besides

 who could have foreseen snow last winter? or tornados in the Midwest?

Thu, 06/09/2011 - 09:27 | 1354146 Confucious 222
Confucious 222's picture

This just in; according to the the National Association of Realtwhores, there's never been a better time to buy a house!

Thu, 06/09/2011 - 09:36 | 1354172 PulauHantu29
PulauHantu29's picture

The mandate for MSM is to print ONLY,"everything is fine" and nothing else that might disturb the sheeple.

Why wake a sleeping giant? ..the Norwegian proverb says.

Thu, 06/09/2011 - 12:55 | 1354848 Forward History
Forward History's picture

Mustafkraken?

Thu, 06/09/2011 - 09:50 | 1354210 rsnoble
rsnoble's picture

Awesome.  Great news to start the day!  I had to pop a few pills so im feeling fine but now I got the munchies.  Yesterday afternoon I went to get a tooth pulled.  The dentist didn't want to touch it cause the root structure so he sent me to the oral surgeon fancy dentist.  Rear molar.  First try broke n half.  Then the half broke in half, couldn't pull that out so had to grind it out.  Then the roots were wrapped around my jawbone 50x it seemed and they had to extract those one by one, shit was flying out of my mouth.  Sounded like an autobody shop not a dentist office.  I've had a tooth pulled before, this was complete total hell compared to the last time.  Weird thing is it's the exact same tooth but on the opposite side that I had pulled 2 years ago which I guess is quite common.  Blame the vicodin for the nonpost related garbage I just typed.  I'm still fkn sore.  And no pussy comments I have skin grafts on 35% of my body I know what pain is.

Thu, 06/09/2011 - 10:38 | 1354331 Jerome Lester H...
Jerome Lester Horwitz's picture

I sympathise. I still have 2 wisdom teeth to be pulled. After the first two my dentist was going to give me script for Tylenol 3 and I asked him for Vicodin instead. He looks at me and asks " So where did you get your medical degree?" Lol, but he took pity on me and gave me the Vicodan. Thank goodness for that. That was the only good thing about getting those teeth pulled. I get to do it all over again in about a month.

Thu, 06/09/2011 - 10:57 | 1354349 GoinFawr
GoinFawr's picture

Heh, the strongest prescrip I ever rec'd was after having an already broken molar extracted... I'd swear that for leverage the DR had his heel on my chin at one point during the procedure; felt like a scene out of "Jacob's Ladder".

Thu, 06/09/2011 - 09:52 | 1354214 cainhoy
cainhoy's picture

not only FUBAR, but also TARFU!

Thu, 06/09/2011 - 10:30 | 1354315 GoinFawr
GoinFawr's picture

Remember when we used to look forward to 135-140 as low numbers, and 280 was high? Back in tha day

Thu, 06/09/2011 - 11:35 | 1354549 TruthInSunshine
TruthInSunshine's picture

We were supposed to have 250k to 500k real jobs being created per month, consistently, by this time October 2009.

The quicksand that is the labor market is so bad, that even excess government data fudging can no longer hide the utterly horrid truth, and even the sheeple are awakening.

The poll numbers, taken by CNN, are incredible - almost 50% of Americans believe we will have in a Great Depression within a year from now. That's amazing. In an economic system where confidence on the part of the consumer is the whole enchilada, as it predicates how comfortable they are feeling and how much they'll spend going forward, we see that even the employed are worried about their jobs, half of respondents have someone in their home who has already lost their job, that they will be white-knuckling their money, and they actually believe an economic depression is arriving shortly -

Poll: Nearly 50% Percent of Americans Fear Another Great Depression Soon

 

CNN Poll: Obama approval rating drops as fears of depression rise
Thu, 06/09/2011 - 12:19 | 1354722 TheMerryPrankster
TheMerryPrankster's picture

They probably gussied those numbers up to make them look better. Anybody who is paying attention knows things are real bad, the only ones still in lala land are in the beltway/D.C. or trustfund babys. Even the American Idol crowd is starting to notice friends and relatives no longer have jobs or unemployment checks.

Though it took 3 plus years for most to recognize the true horror of our economic/social situation. The path was apparent from the moment Hank Paulson asked for a trillion dollars with no accountability, an amazing request from the Secretary of the Treasury, but not so for a CEO of Goldman Sachs.

So do we default on our debt or do we institute "austerity" and sell off our national assets and continue the looting?

Thu, 06/09/2011 - 12:54 | 1354855 Forward History
Forward History's picture

The most important part of this article: 52k people, some of them your neighbors, just joined a growing disillusioned mass of broke people. What will they be doing with their free time?

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