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Initial Claims Miss Fourth Week In A Row; Prior Week Revised Lower

Tyler Durden's picture





 

Initial claims came, saw and missed for the 4th week in a row, printing at 371K, on expectations of a decline from 372K to 365K. As happens at the end of every year when employers turn on the pink sheet machine, the not seasonally adjusted number soared from 490K to 552K in the week ending January 5, a difference to the seasonally adjusted print of 181K. This is to be expected. What was unexpected is that the last week print saw its first downward adjustment in what seems years (it actually is years), with the December 29 week claims number declining from 372K to 367K, probably as a result of all the year end guessing that goes on to assist the other guessing that goes into the seasonal adjustment guessing. In short: everyone is guessing. States that saw a surge in layoffs in the week ended December 29 were MI (+15K) and PA (+12K) due to "Layoffs in the manufacturing industry", and  "Layoffs in the transportation, construction, food and beverage manufacturing, and metals industries." Finally those claiming extended benefits plunged by 76K in the last week of 2012, putting further pressure on the strength of the US consumer. Overall a report that confirms that 6 years after the start of the Depression, propped by some $15 trillion in central bank reserve liquidity injections the bulk of which has been used to prop stock markets, there is still no actual improvement in the economy.

 


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Thu, 01/10/2013 - 09:49 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Missed it by jisssssst that much......again.

Thu, 01/10/2013 - 10:21 | Link to Comment FL_Conservative
FL_Conservative's picture

"....there is still no actual improvement in the economy."

 

That depends on if you're part of a "special interest" group.  Most of them have seen considerable "improvement" in their economy.

Thu, 01/10/2013 - 10:57 | Link to Comment trav777
trav777's picture

yes; a couple democrap lobbyists I know are full speed ahead.  Largest houses I've seen.  Boom times for anyone connected to the "party of the poor."

But, welcome to a future of less.  The gangster state that all these 3rd worlders we have WANT and DEMAND is upon us. 

Thu, 01/10/2013 - 13:27 | Link to Comment Snakeeyes
Snakeeyes's picture

Stagnation over the past 12 months. We are looking more and more like Greece. OPA!

http://confoundedinterest.wordpress.com/2013/01/10/opa-housing-jobless-c...

Thu, 01/10/2013 - 10:21 | Link to Comment ball-and-chain
ball-and-chain's picture

What I want to know is the actual unemployment figure.

It ain't no 7.8 percent.

So how many people are actually out of work?

It's a mystery.

And nobody's telling.

http://www.angrysinner.blogspot.kr/2013/01/yesterday-dragon-lady-served-beef-and_10.html

Thu, 01/10/2013 - 14:34 | Link to Comment bk1037
bk1037's picture

Forget unemployment rates, the true metric that is incontrovertible includes the federal tax revenue level. They can lie until the cows come home about the unemployment rate, but they can not lie about how much revenue is coming in for both major groups, the unemployed and the underemployed. Those that make a lot less than they used to contribute to reduced tax revenues, and that can not be monkeyed with for any political purposes.

Thu, 01/10/2013 - 10:21 | Link to Comment ball-and-chain
ball-and-chain's picture

What I want to know is the actual unemployment figure.

It ain't no 7.8 percent.

So how many people are actually out of work?

It's a mystery.

And nobody's telling.

http://www.angrysinner.blogspot.kr/2013/01/yesterday-dragon-lady-served-beef-and_10.html

Thu, 01/10/2013 - 10:23 | Link to Comment kill switch
Thu, 01/10/2013 - 12:56 | Link to Comment glenlloyd
glenlloyd's picture

at the very least yes, likely more

Thu, 01/10/2013 - 09:49 | Link to Comment Boilermaker
Boilermaker's picture

RUT soaring like hell.

What's this about 'unemployment'?? Who gives a shit.

Thu, 01/10/2013 - 10:00 | Link to Comment spastic_colon
spastic_colon's picture

funny how equities only react to weaker dollar and not stronger

Thu, 01/10/2013 - 09:50 | Link to Comment max2205
max2205's picture

Overall a report that confirms that 6 years after the start of the Depression, propped by some $15 trillion in central bank reserve liquidity injections the bulk of which has been used to prop stock markets, there is still no actual improvement in the economy.

Thu, 01/10/2013 - 09:57 | Link to Comment LawsofPhysics
LawsofPhysics's picture

No shit, but something else also peaked in 2009 and has remained flat since.  I'll let you figure out what that is, but in general, everyone seems to forget that in order to actually produce or manufacture something of real value you have to use energy (real Joules or calories).  Paper-pushing doesn't create anything of real value despite being approximately 40% of the American GDP - FAIL.

Long soylent green and American soap...

Thu, 01/10/2013 - 10:58 | Link to Comment trav777
trav777's picture

C&C did it late 2005.  That's the real stuff.

Thu, 01/10/2013 - 09:52 | Link to Comment francis_sawyer
francis_sawyer's picture

As a conslation... All fired workers are invited over to Twatzilla's adobe for free tortillas & refried beans...

Thu, 01/10/2013 - 10:00 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Enter the  drawing to dine free with Barry, Michelle, and the policeman that acted stupidly.....and some bitch from Vogue magazine. Sit at the other end of the table from her, cause she really is a bitch.

Thu, 01/10/2013 - 09:51 | Link to Comment Boilermaker
Boilermaker's picture

ES at 9 handles...do I hear 20?  30?

Thu, 01/10/2013 - 09:53 | Link to Comment spastic_colon
spastic_colon's picture

bad is good again remember

Thu, 01/10/2013 - 09:54 | Link to Comment youngman
youngman's picture

Gold and SIlver are up.....quite well bitches..

Thu, 01/10/2013 - 09:56 | Link to Comment Obchelli
Obchelli's picture

But, But, But futures are soaring again...

And look at retailers - Tiffany, Aeropostale sales down 10% during Christmas season...

Thu, 01/10/2013 - 10:59 | Link to Comment trav777
trav777's picture

fear not- i bought a couple things at TIF

Thu, 01/10/2013 - 10:00 | Link to Comment Tsar Pointless
Tsar Pointless's picture

And Not-Seasonally Adjusted, over 550k people filed first-time UC benefits claims last week.

So, I guess S&P 1500, here we come!

Thu, 01/10/2013 - 10:02 | Link to Comment Winston of Oceania
Winston of Oceania's picture

Gee it's a new year and all why aren't they dragging out the old green shoots buy line yet?

Thu, 01/10/2013 - 10:07 | Link to Comment youngman
youngman's picture

Oh they are on CNBC....all the time.....and Herbalife is the talk of the town...and Apple is bring out a cheap phone....that is all the economic news you need to know

Thu, 01/10/2013 - 10:03 | Link to Comment Seasmoke
Seasmoke's picture

Whatever the cost, we must Bring back Hilda Solis !!!

Thu, 01/10/2013 - 10:32 | Link to Comment insanelysane
insanelysane's picture

Free Hilda!

Thu, 01/10/2013 - 11:00 | Link to Comment trav777
trav777's picture

yes; more latina wisdom...until we're wise like el salvador or nicaragua.

Thu, 01/10/2013 - 10:04 | Link to Comment devo
devo's picture

Haven't we run out of jobs to lose?

Thu, 01/10/2013 - 10:16 | Link to Comment CrimsonAvenger
CrimsonAvenger's picture

Don't you see? That's just proof of all the new jobs we created! All's good here in America!

Thu, 01/10/2013 - 10:08 | Link to Comment Everybodys All ...
Everybodys All American's picture

More jobless literally means more QE.

Thu, 01/10/2013 - 10:15 | Link to Comment Joe Davola
Joe Davola's picture

More people with time on their hands to go out and break stuff so we need to build new stuff to stimulate the economy.  Oh, and with that multiplier on unemployment benefits, this is a most assuredly a win-win scenario!

Thu, 01/10/2013 - 10:22 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Unfortunately, if the actual commodities and energy are not available then it won't get fixed.  Americans really need to speak to people who were part of the last union that collapsed.

Thu, 01/10/2013 - 10:13 | Link to Comment jplotinus
jplotinus's picture

One of ZH's favorite carps was unceremoniously disrupted. I refer here to the DOWNWARD REVISION of last week's number. I give credit to Tylers for giving "credit" where it was due.

For those bitchez who love to carp on the upward revision meme, don't worry. Chances are good a new streak of consecutive UPWARD revisions will begin next week or the week after.

:-/

Thu, 01/10/2013 - 10:17 | Link to Comment AccreditedEYE
AccreditedEYE's picture

zzzzzzzzzzz

Thu, 01/10/2013 - 10:46 | Link to Comment 847328_3527
847328_3527's picture

Better luck next time.

Thu, 01/10/2013 - 10:46 | Link to Comment madcows
madcows's picture

So, let me get this straight, the NON adjusted number is 552k and the ADJUSTED number is 371k.  They chop the real number by a third.  Well, crap, do they do that to the unemployment number and inflation and the number of illegal aliens?  What else are they magically adjusting?

Thu, 01/10/2013 - 11:01 | Link to Comment fuu
fuu's picture

How many total upward revisions were there in a row?

Thu, 01/10/2013 - 11:05 | Link to Comment Hohum
Hohum's picture

Actually, year over year not seasonally adjusted is down about 94K, the best in a long time.  If legitimate, this report is actually good news.

Thu, 01/10/2013 - 11:13 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Right, now what's the average wage again?  What's the purchasing power of that fiat again?

Thu, 01/10/2013 - 11:09 | Link to Comment MFLTucson
MFLTucson's picture

Where is the jobs program that the liar campaigned on?? Answer, nowhere to be seen because the entire campaign was a lie, this man will crush this economy and his main objective is to grab your guns and take over. As long as he keeps the blacks in the inner cities under wraps with free stuff, he will crush the middle calss and the game is then over.  Fuckin fools that bought into his con.

Thu, 01/10/2013 - 11:13 | Link to Comment gould's fisker
gould's fisker's picture

But Uncle Joe promised he would create 500K jobs a month, what happened?

 

http://voices.washingtonpost.com/44/2010/04/biden-predicts-economy-will-cr.html

Thu, 01/10/2013 - 11:31 | Link to Comment H E D G E H O G
H E D G E H O G's picture

"Overall a report that confirms that 6 years after the start of the Depression, propped by some $15 trillion in central bank reserve liquidity injections the bulk of which has been used to prop stock markets, there is still no actual improvement in the economy." Pretty much sums the clusterfuck up doesn't it.

Thu, 01/10/2013 - 11:53 | Link to Comment swmnguy
swmnguy's picture

If the point had been to improve the actual economy, $15 trillion dollars could have done a lot, if sent out as a $48,000 check to each and every one of the 310,000,000 Americans.

Most of them would have spent that money.  They would have bought their mortgages, paid off their credit cards and student loans, bought cars that worked, bought more iCrap than China could crank out; you name it.  That would have actually fixed the banks ad the finance system, as the money would have run its way through the real economy, and wound up in the vaults of the banks.  An elegant solution in many ways; arguable in many others.

But that, apparently, would have been "Socialism."  Because it would have wiped out a huge amount of the debt assigned to citizens, while shoring up the banks' balance sheets.  That's what proves that the point here has never been "actual improvement in the economy."  No, indeed.  The point here has always been to irreversibly link the government's coffers to the corporate balance sheet, and to yoke the US consumer to the corporate debt-farming structure with government to act as the enforcers.  This permanently guarantees that all profits are to be privatized, and all losses, and increasingly, costs, to be socialized and eventually monetized.

There's a word for this, and it ain't "Socialism."

Thu, 01/10/2013 - 12:31 | Link to Comment Bobportlandor
Bobportlandor's picture

I just love this data. In reference to below you need to use energy to grow

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=a103600001&f=m

Do NOT follow this link or you will be banned from the site!