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Initial Claims Beat This Week, Will Miss Post Revision, As Core Capital Goods Shipments Miss For Third Month
When we reported on the surge in last week's initial claims from 342K to 388K, we made one simple forecast: "Remember: this number will be revised to 391K next week." We were off: it was revised to 392K. In other words, the data charlatainism at the DOL continues unabated. And of course, today's Initial Claims number which magically "beat" expectations by 1K, printing at 369K, on expectations of 370K, will be revised to a miss of 372K next week. The BLS has become a total farce. In other manipulated news, the BLS reported the culprit for last week's surge in Claims: it was California, which saw a +26,935 jump in initial claims, due to "Layoffs across all sectors, with the largest share from the service industry." This somehow is supposed to offset the -4,979 claims drop from the week before, when all those plunges and jumps in claims took place. Elsewhere, the number of Americans on extended claims and EUCs dropped to 2.1 million, down 1.4 million from a year earlier.
This is how claims data looks like taken at face value and looked at from an adjusted, post-revision, standpoint, courtesy of John Lohman.
Rounding up the economic picture was more data misdirection frustrations from the Census bureau, which reported a whopping 9.9% surge in durable goods orders on expectations of a 7.5% rise, entire driven by nondefense aircraft and parts. This followed the August collapse which was revised from 13.2% to 13.1%. The spike was driven entirely by the transportation sector: Durable Goods ex transportation were up just 2.0%. But as usual one needs to dig into the data to get a good sense of what is truly going on absent Boeing's volatile order book (which can be cancelled with one phone call), and which soared by 2,640% (from 535MM to 14.7BN): Capital Goods excluding aircraft declined by 0.3% on expectations of a 0.8% increase, following a 1.2% decline last month, and down 1.6% from the month before. This was the third Cap Goods number in a row that has missed expectations, and is the only relevant number in the entire series from a macroeconomic standpoint.
Overall an ugly report which will likely results in a reduction in GDP forecasts when the beancounters boot up their abacuses.
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Initial Claims Beat This Week, Will Miss Post Revision, As Core Capital Goods Shipments Miss For Third Month
Didn't really need to read past the title.....pretty much summed it up.
This week is going to be different, I am sure the BLS finally overestimated the number.
Channelling George Carlin's tv show character that used to say something like "I can't miss Matlock this week because this is the week Matlock won't solve the crime."
My brother-in-law's second wife's sister's 2nd cousin's neighbor's mom heard about a part-time job burger-flippin' at two locations. There's
8 jobs right there.
Mama can I have a dollar for ice cream? Here's a food stamp my son...
It is not a matter of what is true that counts, but a matter of what is perceived to be true." Henry Kissinger
" It's not who you are it's who they think you are."
Old man Joe "Beelzebub " Kennedy, father of JFK.
http://www.planbeconomics.com/2012/10/22/infographic-corporations-are-sociopaths/
A waste of numbers. When does the truth come out?
as soon as you leave your house and go "into town".
Hedge accordingly.
Lies upon lies upon lies.
Gave Hillary a chuckle.
The Data department is manipulating all!!!!!!!!!!1
The song remains the same, "beating expectations" all... the... way... down...
In the news today the believability index fell the most today in the msm pre election spin of the jobs report. It is reported by some that quote" we wake up and watch the news in the morning with our cup of coffee to make a good bowel movement and then go to zerohedge to get the real news." That about does it folks and remember to get all the latest news here at ZH and make sure to read all comments as they are insightful and entertaining! have a great day!
great chart ZH....explains it all
But Tyler you could help us memory-challenged readers with ebbing vision by regularly posting how many weeks in a row it is that the data is revised in the 'correct' direction. I know a lot of people competent in statistics who pooh-pooh my complaints about the BLS until they hear the number of weeks of unidirectional revisions there are, then I can hear crickets chirping. When you do post it please use BIG numbers. Thank you.
I believe this is 84 or 85 straight weeks where they revised up.
So if we find out who at the BLS was sick or on vacation Presidents day week 2011 we can indentify a prime suspect, hmmm.
It is also incredible that the revision is nearly always between 3 and 5K
When the whole population has finally dropped out of the labor force, the unemployment rate will be zero. Problem: the employment will also be zero.
That's the beauty of statistics.
No Manufacturing Jobs = No Real Economic Growth
http://chartistfriendfrompittsburgh.blogspot.com/2012/10/no-manufacturin...
Thank you NAFTA and treasonous globalists.
https://en.wikipedia.org/wiki/Neo-liberalism
Almost, but not quite. Think about it. You need energy in order to manufacter or do anything.
The human population is still growing exponentially.
Do some homework for yourself and investigate whether or not energy production on the earth is also growing exponentially.
You might be surprised by what you find out because the equation is considerable more simple; no energy=no eCONomy.
The world is currently suffering from a massive mis-allocation and mal-investment of captial and resources.
Shit, in my sector, fresh water, is going to be a major fucking problem in the future.
Stop with the growth meme, "eCONomic growth" in the traditional text-book sense is fucking dead.
Hence the need for the culling.....
NWO style.
A very real possibility within 10 years. But they will cull in the old school manner soon. War.
The bottom line: What America sees on CNBC and other MSM shithead fucktard networks, is what they believe. Our average retarded voter can't or won't read beyond a headline, nor try to seek proof of widely puked "data", because it takes away from their iTard device or posting pictures of their prized navel lint collection on Faceplant.
I fucking hate what this fucking country has become and where it continues to go.
Agreed. The part about 14,000 adult Americans on food stamps per Walmart Supercenter is what gets me. That is their way of masking what should be a 44 million person soup line.
America was a concept that died forty years ago.
We may be US citizens but we are no longer Americans.
Technically, that was almost 100 years ago and you are in fact "a tenant of the Corporation of United States of America". Go read the Federal reserve act and all it's amendments.
"Average retarded voter" = All products of the government public education/manipulation system.
More lying with statistics.
my brother was in the unemployment office and was told the economy "has never been worse", so the truth is out there. but it isn't reported that way. car service driver in nyc i know said there are tons of drivers and no rides, which for mid october is extremely unusual and disturbing. we are in the midst of depression 2. accept it.
If Obama wins a second term and the statisitcs keep being manipulated like this, the false number will surpass the real number.
BLS jobs created out of thin air will surpass the true number of full time employees.
Housing starts will surpass the number of actual built homes.
Fed electronic money will surpass the actual level of circulated cash. Wait I think that one actually already happened.
And there will be a sale at Walmart on pitchforks and torches. Karma.
CNBC is showing that AGL Resources was up 400,800% this morning on the front page, but the large chart only shows .2%. Flash?
The revision to last week was a 0.25% revision.
Ummm...
faked numbers? why not?!
covert.ias3.com/expose
Unadjusted is back down 35K YOY. It's all good.
Max employees is 30 that a company can have without having to pay insurance. So part time is the answer. I personally think companies should go to all part-time under the table employees paid in cash only to keep up with other 3rd world economies. Then you get your food stamps, Obamaphone and college loans and you are fuckin stylin dude.
The good news is the chocolate ration has been increased to 10 grammes.