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New Weekly Claims At 457K On Expectations Of 460K, EUCs Plunge By 1.5 Million In Past Month
Those looking to find a catalyst for today's market action will probably not find it here. Which likely means ramp time as there will be no volume in the market once again. And good thing Obama extended that job stimulus for the nth time, as EUC claims plunged another 230k in the week ending July 10, a 1.5 million drop in just over a month: on July 10, total EUCs were 3.253 Million, a drop of over 1.3 million since the 4.7 million on June 5. These are all people who no longer used to receive their monthly $1,000 bonus check for not working, taking out tens of billions of dollars in circulation out of the economy.
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Wash, bitchez
. no jobs again?? truly embarrassed by the hopium crowds new Normal. we are in the
"drowned world" economy.
bouncing along the bottom of the oil less sea the economy keeps fighting to reach the surface fouledby unseen oil tar balls, gov keeps adding another anchor, more taxes and debt spending while thumbing thier noses at transparency..
If the coming Nov election season does not terrify those in the markets,
be warned.
"The Recovery Act is doing more, faster and more efficiently and more effectively than most people expected." - Big Joe
not a wash to these more ons..
NEW YORK -- Stock futures are rising following a new batch of upbeat earnings and a slightly better-than-expected drop in unemployment claims.
The Labor Department says initial jobless claims fell to 457,000 last week. That's better than the 459,000 forecast by economists.
A drop in unemployment is considered vital to the pace of recovery picking back up.
http://finance.yahoo.com/news/Stock-futures-rise-on-strong-apf-342562693...
Hoo hoo...why go down when up up up is higher..
yes..less is more..
If I'm not mistaken, these people will get their "back pay" of benefits since they ended. People will be getting $2-4K checks this week to catch them up. Thats another 2 iPads, 3 iPhones and another pair of $300 designer jeans. Maybe, for the more well off lazy asses collecting unemployment, they may add a Coach purse on top of those other things.
Thanks, Barry!
101 years and c
http://www.huffingtonpost.com/2010/07/27/nevadas-economic-misery-m_n_661...
Reached by phone, Barry Bunnell of Chloride, Ariz. -- a town even smaller than Searchlight -- explains that he's been trying to hire people to sell his Easy Out Fire Protector product, a bottle of fire retardant liquid that's handy for snuffing out small pan fires, especially in RV trailers. Bunnell needs people who can go door-to-door demonstrating the product.
He says he received 37 responses to the Searchlight flier, but nobody was interested in sitting down for an Easy Out interview after Bunnell described the job. He suspects they'd rather stay on unemployment benefits and use the Easy Out inquiry as an easy way to prove to the state they're still looking for work. A Searchlight sales rep, however, would have to push five Easy Outs on every man, woman and child in town to crack $20,000 a year, selling the type of product that most fire-conscious RV owners already own. (That the unemployed would rather draw benefits than look for work is a common argument among congressional Republicans, even though there are at least 15 million people looking for three million available jobs.)
"You can sell two for $39 and keep $20," says Bunnell of his product, "and people won't do it because it's beneath their dignity."
Oldest "blame the victim" line of bull since the beginning of time. Goes back to the line that slavery is necessary because some people would never work without it.
One can only wish our friend finds himself in the same position one day (soon)... I'm guessing his tune may change quickly.
Disappointing to see ZH on the "blame the victim" bandwagon... very easy to find examples of corruption (and even fraud), and project those few actions in general terms... unethical, fraudulent, and pathetic, IMO.
+1
It makes a person wonder if anyone here has ever been unemployed? Or maybe there are a bunch of lazy thinkers here because blaming the victim is much easier than addressing the larger issues.
Sure, unemployed people use their "HUGE" checks to buy designer jeans and iPads, instead of using it to pay rent and buy food. Get a reality check!
Of course it doesn't help when Tyler writes that this will take "tens of billions of dollars out of the economy". Where do you think the money is going to go Tyler? Into savings accounts? It's going to immediately get spent.
People do not see a difference between unemployment and welfare. That is the problem. Plus, they know the employment problem is bad and is well documented on this site. I mean why would the government extend unemployment to 99 weeks if there wasn't an issue with high unemployment.
I dont think people decide not to do this work because it "is below their dignity". They would do it if they needed to do it to feed their family. They don't do it because Uncle Obama is giving them $400-500 week to do nothing, which is probably more than they'd make actually working.
Kind of ties back to Stephen Colbert's challenge from the illegal migrant workers to the unemployed..."Come Take Our Jobs". The illegal immigrants dare the unemployed US worker to come take their low paying no benefit jobs. The point they seem to miss on all of that is, would the jobs be low paying and no benefits if the illegals were not here willing to do it??
I would be more of a hard ass toward the unemployed if I felt that the system was unequitable. Hard to fault a man for keeping his hand out for a $1,000 when you've got the financial institutions taking over $3 trillion in handouts to keep their asses afloat.
@101 years
That was not my understanding. Not arguing, just curious who is right. Will the new EUC extension allow those who lost coverage back onto the EUC rolls and/or offer back pay? Does anyone have authoritative knowledge on this?
...or for $4,000 they could buy this:
$1200 - 3 months of Mountain House freeze dried meals
$250 - Katadyn pocket water filter
$100 - Brunton AF (All Fuels) Stove
$1,200 - DS Arms FAL
$460 - 1000 rounds .308 FMJ
$250 - Good sleeping bag
$150 - Water Proof Bivy Sack w/ Bug Screen
$200 - Medic Kit
$150 - ALICE pack
$40 - Big bottle of Maker's Mark
Is 'The Road' your Bible or something?
No, but $4,000 is a relatively cheap insurance policy. Some may ask, "Insurance against what?" Insurance against having to rely on an intermediary such as the government, strangers, or luck to save my beautiful, soft, white ass. Governments are notoriously bad at doing this, and benevolent strangers are notoriously rare in a pinch. Like fire insurance, one hopes to never use it, and you can't buy it after the peril presents itself.
Just one option for those soon to be flush with $4,000. Of course, all are welcome to spend it on iPads, meals at Red Robin, XBOX, a Carnival cruise, their mortgage payment, or re-training for the new economy.
I will attest to the fact that backpacking is a great activity and a cheap vacation. Get outside. Lose weight if you need to? Spend time with your family or friends. Teach your kids (or yourself) to use a magnesium fire starter. Learn how to address blisters (alcohol, benzoin, mole skin). Spend time with whatever book is your Bible; mine happens to be the New Oxford Annotated with Apocrypha.
Peace, neighbor.
Hell my aunt has been on on EI forever. Making payment's on a new truck.What the hell is wrong with people?
I'm getting kind of tired of the asshats who have to repeat ad nauseam the comments about buying iPads, iPhones, etc. I happen to be using my UI to keep my house (which was the smallest model in my cookie-cutter neighborhood and priced at under 1.5 times my salary) and pay my child support. I am degreed and have worked since 1984 without a break in employment. As most of you know, we have never witnessed a job market like this in our lifetime (assuming most of us on ZH are under 50 or so). I try my best to avoid buying any slave-labor produced, over-priced bullshit gadgets so please don't lump me in that group. I saw the train wreck in 2008 and started cutting back in order to save enough to make it for about a year with a small buffer from the UI. The job listings in finance/acctg get hundreds of resumes for every opening. Do you honestly think that the majority of us want to "not work"? Fucking give me a break. I'm more than certain that there are some who are abusing the system, but you are going to have abuses during the good times too. Instead of bitching about Congress passing another bill for "handouts", how about forcing them to grow a pair of balls and claw back some of the money from AIG, et al? I'm just so goddamned fucking sick of this shit.
You have lots of support Texacrat... thank you for sharing, and best wishes!
Thanks SRV. I apologize for the bad words, but I'm just really tired and frustrated.
+1,000,000 dude so am I.
+1
It's easier to blame the victims because it doesn't require any actions then. Bad guys get punished. End of story. Roll the credits.
Of course blaming the victim is lazy thinking. UI is not welfare. Everyone on UI is used to working.
I disagree. UI up to 26 weeks is not welfare because you pay into the system while you work. UI from 26 to 99 weeks is welfare because you are getting "free" money from the government. And apparently according to Obama and Dems, UI will never end. Getting a government check forever for not working is pretty much the definition of welfare.
"according to Obama and Dems, UI will never end"
Making up stuff isn't going to convince anyone if they already know what reality is.
Unless I'm missing something the reality is that every time the end of extended unemployment benefits comes up, Obama and the Dems issue a bill extending it. How am I "making that up"????
Simple answer: Because it has never been extended beyond 99 weeks. Because Pelosi has already said that a Tier V is "off the table". Because there are already more than 1.5 million people who have used up all their UI and won't be getting any more (with millions more to be in the same boat in the near future).
Compare that reality to your statement of: "Getting a government check forever for not working is pretty much the definition of welfare."
I really do get the feeling that some people here on ZH don't know how UI works.
Then why not focus on the "real" welfare... the trillions sucked up by the banking cartel!
It's like the person who drives all the way across town to save a nickle on gas, but doesn't have a clue how his 401k is being invested.
Some people would rather blame their neighbor for bankrupting the country, rather than the wealthy elite.
Definitely with you there bud, was on UI for about 3 months. I think everyone should also keep in mind that UI is just that, insurance against unemployment. Employers pay for it, and therefore, employees implicitly pay for it through lower compensation. People should at least get what they already paid for. The federal government is stepping in for the "extended benefits" (welfare) because, quite frankly, the societal damage would be far worse if they didn't. I know that's going to offend the sensibilities of the many people on this site who think they're an island, and that their prudent planning and/or economic good luck will save them from the vageries of a collapsed society.
"The number of people continuing to claim unemployment benefits rose by 81,000 to 4.57 million. That doesn't include an additional 3.67 million of the unemployed that are receiving extended benefits paid for by the federal government."
http://finance.yahoo.com/news/Initial-jobless-claims-drop-apf-3383472534.html?x=0 Obviously this is extremely bullish news. RISK ON! DOW 11,000!
And the futures move higher on this great news.
how low can they set the bar for this admin?
affirmative action economy
Haven't you heard, everyone is now graded on the bell curve.
Apparently bush had a 98% approval rating using this particular curve.
Excellent point. So that would give the current president's rating at what, just over 200% approval?
The Double Whammy Economy is once again in full flower. Jobs keep hemorrhaging and income deflation is entering a 5th decade. But the cost of living and staying in business just keeps on rising. I don't need to tell this crowd that most commodities are at pre-recession boom time levels and many reaching for all time records even though capacity utilization is in a recessionary trough. Broke and desperate states and municipalities are stealthily raising fees, taxes and assessments across the board, just to keep cops and essential services available and murderers in jail. Broke banks keep raising fees, credit card interest, penalties. Healthcare premiums were jacked up by the majors as much as 14% last month. Insurance in general is up across the board even as the companies are getting financing at record low interest rates. Tuitions are being hiked most everywhere. Airlines are raising fares along with all transportation. And then we have increased Federal taxes that we know, those that we fear and those we couldn't have even imagined. Despite deflation, your dollar is even worth a half a buck. Lotsa Luck!
I was just informed by the state that one of my license fees required to do my biz will jump 81% for 2011. The last fee hike was just two years ago. On top of it, the regulatory agency that issues the licenses has abysmal service and was being investigated for "inproprieties". Nothing ever came out of that investigation, quietly buried. Glad the gov can automatically get an 81% pay hike for crappy and corrupt work. Looking forward to all the other fee and tax hikes for 2011. The taxes and fees I have to pay could employ two more people with good salaries. But they want us employers to hire more people. Don't think so.
2009 - Unemployment is a lagging indicator! BUY BUY BUY
2010 - High unemployment is the new normal! BUY BUY BUY
2011 - Record-setting unemployment doesn't affect stock markets! BUY BUY BUY
2012 - Large segments of the world's population are out of work because of devastating tidal waves and earthquakes. Stock markets go nearly to zero...historic opportunity to BUY BUY BUY!
The weekly number by itself is largely meaningless at this point. If we ignore real estate and small business retail, economic activity is not bad and in some places it's very good. Is it a "recovery" in the traditional sense? No, but in this rabbit hole it's all we have.
Nope. Something is slowly sinking into the heads of holders of big-name industrials, consumer junk, financials and assorted dividend-payers. Maybe it's that steady drip-drip-drip of mutual fund redemptions, week after week, month after month. Maybe it's just the increasingly obvious la-la-land markets are inhabiting vis-a-vis the rest of us on Main Street...but I think we're seeing an inability to get forward traction.
I'm into FAZ again today. It worked Tuesday-Wednesday: should work Thursday-Friday too. Nothing fundamental has changed. Sentiment is more nervous than truly bullish... No chartist I, but gut feeling tells me that today is to fade towards close. No ramp today. Time to increase shorts.
Good luck with your shorts.
You must be missing that 'prison cuddle'.
I know many people on Long Island (Nassau County) who have lost their jobs in the last 18 months. Most of them were lucky enough to have received packages from their company. They never once looked for a job during that time, assuming one would be there when their payments ended. It was not there and they began collecting unemployment benefits. These are people who were used to making mid-6 figures. For the most part, none of them were in any trouble financially so they have been able to continue collecting the UE withut going crazy. They have looked at this as a paid vacation (extended). Although some of their wives are tired of seeing their lazy fat asses watching TV all day and becoming soap opera junkies, they are all now of the view.....I will get a job when I have to, not when I need to. I am getting paid to see my kids and cut my grass. Things they did not enjoy doing when they were working. Unfortunately, I understand the idea of seeing your kids....I miss mine desparately as I never had a job as cushy as theirs. BUT, ya know what....even the kids are tired of seeing dad snacking on their munchies. It is time to get the lazy ass Americans off the couch and back to work. I don't care what you do, I am not going to think any less of you. I will never not respect a working person (as long as thier job is legal). Nothing is beneath you when it comes to feeding your family....GET THAT STRAIGHT!!!!
The recession is 'over' again
http://www.youtube.com/user/TheUltimateJew#p/u/29/niJOYGhEjwk
Wow...the old guy (Jackie Mason) is not only alive but he has some strong opinions...thanks for the weblink...
Good luck...
Bloomberg hails "Better News on the Jobless Front".
Regarding EU, MW says, "Germany fuels rise in euro-zone sentiment "
See, everything is getting better right before our bleary eyes!
This is unsurprising. I think we are reaching the point where there are enough workers to handle current demand....though obviously there is no new long term job creation. The age of the temp worker is here with weekly UE running 370,000-470,000 depending on the season. The real indication IMHO is food stamps (SNAP) and workforce/population ratio. This is a great indication of the health of the workforce as well as how many have fallen off the UE benefits cart. Persons on SNAP are presently at 40.4 million (April is latest data). The projected number was 40.5 million by Sept. 2010....I suspect May numbers will surpass that. Wall Street will continue to ignore the plight of the common American until they take to the streets....which WS is betting won't happen. This is a safe bet since the govt continues it's spedning spree.
See, it's not the Administration's fault!
[/sarcasm]
Report: Unemployment High Because People Keep Blowing Their Job Interviews
(http://www.theonion.com/articles/report-unemployment-high-because-people...)
WASHINGTON—With unemployment at its highest level in decades, the U.S. Department of Labor issued a report Tuesday suggesting the crisis is primarily the result of millions of Americans just completely blowing their job interviews.
According to the findings, seven out of 10 Americans could have landed their dream job last month if they had known where they see themselves in five years, and the number of unemployed could be reduced from 14.6 million to 5 million if everyone simply greeted potential employers with firmer handshakes, maintained eye contact, and stopped fiddling with their hair and face so much.
"This economy will not recover until job candidates learn how to put their best foot forward," said Labor Secretary Hilda Solis, warning that even a small increase in stuttering among applicants who are asked to describe their weaknesses could cause the entire labor market to collapse. "If we're going to dig ourselves out of this mess, Americans need to stop wearing blue jeans to interviews, even if they're nice blue jeans, and even if that particular office happens to have a relaxed dress code."
"They also need to start bringing extra copies of their resumés, as it will show they are prepared and serious," Solis added. "And, by the way, how hard is it to send a hand-written thank-you note afterward? Anyone can dash off an e-mail."
A federal survey of employers found that nearly half of job-seeking Americans botched their interviews by responding no when asked, "So, do you have any questions for me?" Among candidates strongly qualified to perform the jobs they were applying for, 36 percent didn't bring a notepad or pen to the interview, and 16 percent were thrown off guard when the interviewer broached topics un≠related to work, such as the weather, sports, or personal hobbies.
Twelve percent, employers said, did this kind of nervous throat-clearing thing.
"If applicants would just say yes when asked if they played softball or liked golf, we could add 350,000 jobs to the private sector," Deputy Labor Secretary Seth Harris said. "The fact is, right now, today, approximately a third of the country's manufacturing positions are vacant. Auto plants across the country, especially in Detroit, are sitting there just waiting for people to come in and build cars."
"You may be a qualified candidate, but none of that matters if you walk into that interview lacking confidence," he added. "Don't act too confident, though. And don't joke around too much. And don't be overly friendly or ask too many questions. But be yourself."
The Labor Department confirmed their statistics don't take into account the estimated 20 million citizens who were unable to get interiews in the first place because of formatting errors in their resumés, or cover letters that slightly exceeded one page.
"At this point, hiring someone who doesn't use bulleted lists, strong action verbs, or boldfaced keywords is completely out of the question," said public relations executive Max Werner, who has been looking for office managers and a CFO since 2008. "And if you're going to end your cover letter with 'best wishes' instead of 'sincerely,' I don't care how experienced you are—you won't be working for me."
President Obama, who last week signed a law extending unemployment benefits, said the legislation would also address joblessness by creating a $1.2 billion program aimed at training Americans to use firm but approachable body language to make a great first impression.
"My administration remains fully committed to putting citizens back to work by making sure they show up at least 15 minutes early to their interview and never badmouth a previous boss," said Obama, flanked by unemployed Americans during an address from the White House Rose Garden. "Our new 'Nail the Interview, Score the Job' initiative will help regular Americans like Paul and Tracy here remember that they should prep ahead of time by learning a few things about the company they want to work for."
"And that little things," he continued, "like making sure your socks match, matter."
I love it.
What if this IS yourself? All of the ways to blow an interview are descriptive of a typical American. Goofy, unsocial, inarticulate. I didn't see the tattoo thing mentioned.
BTW: If the jobs didn't get filled, what happened? The company has a vacant spot? I guess the position wasn't all that worthy anyhow. Somehow this whole article lacks credibility. Money to be spent to tell folks how NOT to be themselves as advised in the article? Are things upside down or is it just me? Don't answer that.
Rocky,
I've often wondered (well......to be honest......sometimes I wonder.........on occasion) if The Onion is a collaborative genius (you know, like that brilliant genius committee that created the jackass instead of a horse) or if it's just a bunch of individual (married or single, doesn't matter) geniuses in look alike office cubes typing away like those 1000 monkeys. :>)
The really, really, really scary part is that this as a text article could very well have come from the MSM! In regard to your supposition about The Onion, I think the place is run by some very clever and intelligent folks. If they were in charge instead of the current regime I'd feel a whole lot better.
LOL
Leave it to The Onion to zero in on the real problems behind chronic unemployment. Thanks for letting me know to make sure my socks match. Who would've thunk? :>)
I forgot my </sarcasm> at the end of my comment. I think I qualify for one of those jobs.
Yep, the Onion’s great, even though its best days are behind it. Of course, there’s nowhere to go but down after you’ve written stories such as these classics (all of which are available in the Onion’s Archives):
* Collectible Plate Industry Calls for Tragic Death of Streisand;
* Sudden Infant Death Syndrome Caused by Bad Parents Who Could Have Done Something; and
* Strom Thurmond Calls for Construction of Transcontinental Railroad.
Couldn't find the original link, but my favorite:
http://caps.fool.com/Blogs/an-excellent-piece-on-fiat/344273
BB discussing fallacy of fiat currency.
DOW daily chart posted at blog, showing two megaphone wedges . . .
http://stockmarket618.wordpress.com