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Jobless Claims Print At 439K, Up 2K, In Line With Expectations; Prior Revised Traditionally Higher

Tyler Durden's picture




 

Initial jobless claims come at 439K, up 2K from an upward revised (no surprise) prior 437K (was 435K), and just shy of expectations of 441K. Continuing claims come at 4.295MM compared to 4.343 MM in the prior week (revised from 4,301MM to 4,343MM). As there was a holiday in the prior week, the BLS noted that the level of estimates was once again high. In other words 20% of the data was estimated due to Veteran's Day. And since we refuse to let the BLS off the statistically irrelevant hook, here is the latest revision schedule on initial and continuing claims. Do the math.

 

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Thu, 11/18/2010 - 09:38 | 737378 moregoldplease
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Based on the overnights the market will be greener than ever on this great news!!! Of course all government news is a lie, but don't worry be happy

Thu, 11/18/2010 - 09:39 | 737379 HelluvaEngineer
HelluvaEngineer's picture

Nothingburger.  Let's get on with the GM IPO Rock N' Roll show!

Thu, 11/18/2010 - 09:44 | 737390 qussl3
qussl3's picture

It would be MF funny if there was a flash crash in GM today tho.

Thu, 11/18/2010 - 09:59 | 737433 Missing_Link
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Naah.  They only pull that shit when volume is low.  Not likely with GM.

Thu, 11/18/2010 - 10:14 | 737460 SheepDog-One
SheepDog-One's picture

The GM churn will be frothy no doubt, got to cause as much fake hype as possible to dump the garbage to retail. They probably saved a couple days of POMO to make it extra whipped up and airy.

Thu, 11/18/2010 - 11:14 | 737619 asteroids
asteroids's picture

What if they were saving all that POMO money to buy GM today from the flippers to prop up the market?

Thu, 11/18/2010 - 09:44 | 737392 ZippyBananaPants
ZippyBananaPants's picture

Is it true that the plus or minus on this number (weekly jobless claims) is 100,000? 

 

I heard a guy talking about that on bloomberg and wonder why everyone gets excited about a few thousand.

 

Thu, 11/18/2010 - 09:50 | 737408 Sudden Debt
Sudden Debt's picture

People need something to talk about.

In 30 minutes nobody will ever talk about it again, then the conversation turn to what they want to eat during lunchtime.

Thu, 11/18/2010 - 09:45 | 737394 Sudden Debt
Sudden Debt's picture

It would be better that everybody got fired.

Because after that, the numbers would only improve.

Thu, 11/18/2010 - 10:16 | 737464 SheepDog-One
SheepDog-One's picture

Unemployment doesnt matter to Wall St or the White Hizzy, because no one revolts as long as the free checks keep coming.

Thu, 11/18/2010 - 09:45 | 737395 plocequ1
plocequ1's picture

Unemployment? I didnt know they still used that.  I thought POMO determined the big picture.

Thu, 11/18/2010 - 09:46 | 737398 barkingbill
barkingbill's picture

nobody on wall street cares if people are unemployed. those are just the mere mortals out on mainstreet. that doesn't effect stock rallies. 

Thu, 11/18/2010 - 09:48 | 737401 NOTW777
NOTW777's picture

mind-boggling - obama business channel now touting all the benefits of UI - says in helps GDP by 18% and ?? saves jobs, the czar says its wonderful

where does the money come from to pay for it?

Thu, 11/18/2010 - 09:52 | 737411 Sudden Debt
Sudden Debt's picture

your unborn grandchildren seem to have agreed to pick up the tab.

Thu, 11/18/2010 - 09:53 | 737418 NOTW777
NOTW777's picture

according to obama logic things would be even better if unemployment was higher - how can these people get away with this crap?

where is the media?

Thu, 11/18/2010 - 09:56 | 737422 notadouche
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They won't have to worry about it.   By the time they grow up they will be marching in lock step trying to assimilate the Chinese and struggling to learn Mandarin.

Thu, 11/18/2010 - 09:52 | 737413 NOTW777
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one delusional lie after another - the labor czar says things are improving, says obamacare is creating jobs - we're going in the right direction?

Thu, 11/18/2010 - 10:00 | 737435 Withdrawn Sanction
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Really?  Wow that's amazing even for a shill/tool.  He is, of course, badly mistaken (or a wool-over-the-eyes puller).  Transfer payments (like UI, WIC, crop price supports, etc.) are netted out of the national income calculations b/c they do not represent value-added transactions (i.e., increases in net social totals), but are merely transfers from one party to another.  Transfer pmts neither add nor subtract from the national income and product accounts.

And yet Im sure the host/hostess smiled politely (albeit blankly) and then proceeded to talk about the economic impact of the upcoming Royal nuptials.

Thu, 11/18/2010 - 09:52 | 737416 DollarDive
DollarDive's picture

I love that word "Czar"......  It's almost "oz" like.

Thu, 11/18/2010 - 09:55 | 737420 Hansel
Hansel's picture

Upward revisions FTW!

My latest video: Rules for Peasants by Utopia Gov't Films Co.

Thu, 11/18/2010 - 10:08 | 737449 SheepDog-One
SheepDog-One's picture

LOL, nice!

Thu, 11/18/2010 - 09:57 | 737426 DollarDive
DollarDive's picture

There once was firm called GM

It's balance sheet was sort of a BM

So they sold lots of stock amongst all the talk

And it closed in the red in the PM

 

Thu, 11/18/2010 - 10:12 | 737456 SheepDog-One
SheepDog-One's picture

All-out day for pumping Gubmint Motors stock, theyll pull out all the stops in an attempt to dump this garbage to as many bagholders as possible. Its CEO ObaMao's stock sale day, he's lookin to make a killing! Of course if you step back and look its the most dark day in american history, the Gubmint selling stocks in its company, but no one cares anymore its all just about greed, or perception of greed since its all just chasing worthless BS around anyway.

Thu, 11/18/2010 - 10:15 | 737461 bobert
bobert's picture

Our guberment along with the Chinese guberment still owns 34% of GM.

What's with that?

Thu, 11/18/2010 - 10:23 | 737471 hedgeless_horseman
hedgeless_horseman's picture
From Rawles' Site:
 
Letter Re: Bernanke's Absurd Quantitative Easing Jobs Claims

JWR,  
You can't make this stuff up.  Seriously.  Ben Bernanke claims that the $600 billion QE2 will create 700,000 jobs.  Even if he's right, that's $857,142.86 per job created.  Even if you believe the Bureau of Labor Statistics (BLS, more appropriately called the "BBS") thei figure of 14.8 million currently unemployed Americans, that means that the U.S. would need to have just over 20 more infusions of $600 billion to employ all of our unemployed.  20 x $600,000,000,000... (drumroll, please)... $12 Trillion!   I think that it's doable.  Let's get QE3-to-QE22 underway.  Maybe SurvivalBlog readers could start a grassroots movement to get this thing rolling...   Somewhere, a very fat lady is singing.  - N.I.M. 

http://www.survivalblog.com/2010/11/letter_re_bernankes_absurd_qua.html

Thu, 11/18/2010 - 10:31 | 737494 Rainman
Rainman's picture

.

Thu, 11/18/2010 - 11:31 | 737681 TheProphet
TheProphet's picture

Regarding the games the BLS plays with the job numbers, from Alan Abelson's column in Barron's last week:

 

"THE JOBS REPORT FOR OCTOBER was released by the Bureau of Labor Statistics on Friday, and at first blush was surprisingly strong, much stronger, indeed, than expected. Payrolls expanded by 151,000 and the two previous months' were revised upward. But hold the hurrahs. The unemployment rate was stuck at 9.6%, and, toss in the underemployed and the rate remains at an elevated 17%. Moreover, the household version of the employment picture was a real bummer, showing an employment drop of 330,000. That especially weird disparity between the household and the payroll reports made us do a double-take. Happily, the always astute Stephanie Pomboy of MacroMavens provided a quickie explanation:"The seasonal bar which the payroll data must jump was (inexplicably and dramatically) lowered from prior Octobers."Thus in October 2009, the BLS set the bar at 870,000 jobs, similar to the 840,000 it anticipated in October 2008. This year, by contrast, it lowered the bar to 768,000. Mumbo, jumbo, payrolls presented "an upside surprise" of 100,000.According to John Williams at Shadow Government Statistics, the BLS' fiddling with the figures via what he calls "seasonal-factor games" actually created 200,000 phantom jobs last month. John cites such finagling as the reason his prediction of an October decline and a rise in the jobless rate was wrong. It also explains why seasonally adjusted payrolls were revised upward by 110,000 in September including 56,000 in August. As we've observed before, those seasonal adjustments sure are magical: They can make it snow in the Sahara and be hot as blazes in the middle of winter in Siberia."
Thu, 11/18/2010 - 12:33 | 737887 BaboonAss
BaboonAss's picture

What's with the 3-D pie charts?

Is ZH trying to reach out to the USA Today-reading sheeple?

Come on, how about some good ol' Bloomberg terminal screengrabs . . .

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