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Initial Claims Miss For Second Week In A Row As Nonfarm Productivity Tumbles Most Since 2008
As is the case every Thursday, the BLS reported its weekly initial claims which unlike two weeks ago did not estimate the initial unemployment claims for America's most populous state when the number plunged, and has now missed expectations for two weeks in a row, printing at 366K, on expectations of a 360K number, while last week's 368K was as usual revised upward to 371K. As a result, the Mainspin Media already has its headline: Initial Claims decline by 5,000. Such is life under the US Department of Truth, even as unadjusted initial claims spiked by 16.7K to 386K in the week ended February 2. In other news, people on Extended Unemployment Comp plunged by 288K after soaring in the week prior, and making some wonder just what is going on with the EUC 2008 data series for it to get such massive weekly shifts each week.
But perhaps, more importantly, the BLS also reported Q4 unit labor costs and nonfarm productivity and as a result of the previously reported adjustments to worker data and negative GDP print, it was widely expected that productivity would drop. It did, but it did so far more than most expected, plunging by a whopping 2%, which "reflects increases of 0.1 percent in output and 2.2 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates." The offset: unit labor cost which soared by 4.5% in the fourth quarter of 2012, the combined effect of the 2.0 percent decrease in productivity and a 2.4 percent increase in hourly compensation. Unit labor costs rose 1.9 percent over the last four quarters.
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Obviously, moar QE is the answer.
Hey.......DOW 14K.......not bad huh?
When dealing with imaginary numbers in the excel sheet in the sky ... anything is possible.
Rubber hits the road? Not with crimnals skimming and hiding their crimes in phony books.
6.5% here we come! NOT!
Jobless claims will eclipse the labor force number before that happens
Golf,
Why work at all when the fed can just print all the money we need to run the government? The fed should just send everyone a million bucks a year to "stimulate the economy". No one has to show up for work, we can all just go spend money in stores where no one is working. Oh, wait....
But seriously, if the fed can just print money and create wealth with ctrl + P why do we have to annoy ourselves with work?
Nobody will when the value of the $ falls to 0.
Can't we compare/contrast the unemployment/welfare/disability numbers to the govt. CRAP BLS figures?
Classified Memo To CIA Nominee-Director
Subject: Truth Tellers Termination Program (aka 'Paint An American Citizen Red, Then White, Then Blue' Program)
To: Nominee-Director of Al-CIA-Duh, Johnny McBrennan
From: President Barack "I AM Due Process, Bitch" Obama
Hellfire Missile Equipped Domestic Drone Fleet Commandeer-In-Chief
Nominee-Director McBrennan,
Please keep foremost in mind the two critical pieces of wisdom that Jean-Claude Juncker & Mariano Rajoy have recently reminded the world's dis-intelligence units of when speaking, testifying or otherwise opening one's mouth, when you appear before CONgress today for your Kabuki Dance:
Sincerely,
President Barack "Judge, Jury & EXECUTIONER" Obama
cc: The Hon. Jon S. Corzine
there's 50T of z1 credit they have to fund, so yeah
UE right now is dependent on who they classify as actually unemployed
Ivory tower syndrome for the PhDs at the Federal Reserve.
The Bernanke and the Fed members keep looking at the unemployment numbers with people rolling off thinking it's getting better and their policy is working.
Fantasyland for the Fed. USA has become Japan.
Debasing the dollar, causing the middle class and poor to suck it in.
Considering 90+% of all new income goes to the top 1% I'd say QE is working Exactly as planned.
The financial coup detat continues victorously!
Let them eat Ipads!
BulLShit
I think they gave the BLS dartboard an extra heavy duty spin this week.
Blah, blah, blah....
Waiting for it to be renamed the Politburo of Labor Statistics..... same BS, just not accessible in the gulag.
Time for the CBs to buy some more bonds. suckers.
Ouch that's going to leave a mark...
GET TO WORK MR. CHAIRMAN...
As long as the sheeple keep drinking the Koolaid, everything is just hunkey dorey. Is there a 12 step program for Koolaid withdrawal?
I cannot wait to see them actually write that the UE rate dropped to 10.1% from 9.9% and see if they get it by everyone.
Orwell was a prophet.
pods
For some, it will be a 12 gauge program.
Weren't 10,000 boomers supposed to be retiring daily by now?
Retirement is now in a McDonalds until they automate to dodge the Health care act
Good news or bad news, the algos have everything under control.
Bernanke saw a BUBBLE in productivity
AND HE ACTED!!!
THANK YOU BERNANKE FOR FLATLINING IT!!
Shitheaddad O'Brien didn't report this on Communist News Network.....Why isn't the state media covering these interesting numbers......FUCKING, HMMMM.
The endless spin is wearing me out. Hope I don't become a mindless CNBC Zombie soon.
Look into the AAPL....you are getting weak and wanting to buy.....
It's all designed to wear you out.
In the end, watching the same TITS bore you out and you'll look for other tits...
so in the meanwhile... you'll have to ride out your cnbc wedding...
"Unit labor costs rose 1.9 percent over the last four quarters"......this is weird especially when you have 7.8% unemployment and 15% undereemployed...with all that potential labor available I would think ( old school econ 101) that labor costs should be going down.......OR...the bit cap letters OR...is this Obamacare kicking in???????
Me thinks the rise in labor costs were actually related to bonus type pay prior to the fiscal cliff.
I was thinking the same thing. I know no middle wage earner whose pay went up, but instead are working more with the same or less even. Mgmt smiling, doing the same or less with more.
We need a Biderman moment.
yah niggas up in Europe needs to brent over and enjoy some of this Bernak wood he sportin.. how's it feel bitchezz ?
How bad is David Einhorn getting his ass kicked with apple to be doing this huge dog and pony show right now?
BSberg is having an exclusive interview with him at 10. Super exclusive since CNBS had him on before 9.
Hp on it way to having huge layoffs as well as another telecom company again this year.
Hp on it way to having huge layoffs as well as another telecom company again this year.
The lying shills of the msm are sickening. The lack of any journalistic search for objectivity is embarassing. The press was once the pit bull at the ankles of the powerful...now they're the toy poodle in their pockets - fed treats and trotted out for propaganda purposes only.
Oh yeah, and coverups for the 'progressives' (Menendez, etc) and public damnation and vilification of their opponents.
MSM now = SM. STATE MEDIA.
Good to hear finally some comments on the absurdity of the EUC 2008 figures.
It's been clear for a while that the weekly claims number has been adulterated for quite some time now. Most likely they just pass on new claims directly to the continuing claims bucket, bypassing the new claims. This would explain why extended benefits are such a statistical monstruosity.
Note how unadjusted new claims went up last week and the adjusted number went down. That didn't happen last year, nor the years before. They just don't care anymore about having it make any sense and imply that it is statistically valid, as long as the HFT get their trigger.
The MSM started the effort this morning to get away with no sequester - it was on NPR at 6AM and on CNBC at 8AM. Not coincidentally, the CNBC headline was that Robert Rubin said the sequester is terrible. Rubin created MSM manipulation 101 (perfected by Summers) and taught the Europeans how to do it via Turbo Timmy. Recall that Rubin is in a hedge fund.
Robert Rubin is terrible. These guys (Summers) have Obama on a string. I think this is not a coincidence - they created him and put him where he is now. No wonder Obama dare not go against the bankers, even in his last term - something holds him back. They have him by the balls - should he ever go against him, he's exposed.
That's what "he" said, "Barry, I got you by the balls."
Hmmm, wonder what they have on the limp wristed leader of the free world...
BO is going to need a new job in 4 years and the only industry still standing will be the banksters.
Fuck you BLS. Motherfucking Obama shit eating fucking assholes.
You crooked fucks can burn in fucking Hell. Fuckers.
You forgot:
BOB SAGET!
You haven't had one fucking post without a 'fuck' in it in a long fucking time. Must be some kind of fucking record. Keep up the great fucking work!
The MSM should be right on this!!
At this point what matter does it make?
http://search.yahoo.com/search?cs=bz&p=9-year-old%20gives%20birth&fr=fp-...
Coming to a city near you.
HEADLINE
"US unemployment aid applications decline to 366"Ap article in my local paper. Sickening. It really is the Dept. of Truth
Mainspin Media
ya does not matter. these fuckers will make sure our markets stay green regardless.
all the financials somehow are all green, even though they are supposed to be the leading indicator of how the economy is. it truly is amazing how fucked up our system is.
why cant all these fucking markets globally just crash and burn, us, europe, asia, etc. itd make me so happy to see these assholes lose all there money. they r a bunch of criminals.
I can't believe all these bullshit revisions, from the bls crooks! All the numbers from last week were revised even higher. How the hell does unit labor cost go from [-2.3%] QoQ to [4.5%]? (obamacare?)
What about the bullshit German industrial production print? Revised to a [-.2%] previous,and posting a [.3%] consensus beating current print, even though their gdp is in the shitter!
<Big> layoff at our <Small> company yesterday (electronics). Those who remain got a 5% pay cut (on top of the 10% we'd been carrying for the last 4 years or so). Seem that customers simply quit buying last quarter. Anecdotal good times.
Yea I love how even fox has reported a drop by 5,000. What confuses me is if last week was 371k and this week is 366k how can the 4 week avg have droppe 2,250 to 350,500??? Aren't both weeks higher than 350k? Shouldn't it be revised up? Nothing makes sense these days.....MOAR SILVER FOR ME!!!
Ever notice how weekly 'new' jobless claims is always about double new hires. Only the twisted can see that as "slowly improving".
Apart from stuffing car lots with future rental cars and counting the number of unemployed, what other 'non-farm productivity' work are people doing?
Wile E. Coyote sell off awaits...
SP500 daily chart choppy downtrend commencing.
Longs please be careful.
http://trader618.com
Isn't this straight out of Orwell's 1984? Something about chocolate rations increased.
NOTE.....JOBS data is likely a huge smoke and mirrors pro forma development...judge for yourself...as we have seen seasonally adjusted initial claims vastly under-reports claims by 711,734 past 7-weeks...due to bull shit seasonal adjustments....this lies and propaganda keep coming at a break neck speed so as to lull average Americans into believing the recovery is better than expected
Week ending In the week ending February 02, the advance figure for seasonally adjusted initial claims was 366,000, a decrease 5,000 from the previous week's revised figure of 371,000. The 4-week moving average was 350,500, a decrease of 2,250 from the previous week's revised average of 352,750.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 386,176 in the week ending February 02,, an increase of 16,696 from the previous week. There were 401,365 initial claims in the comparable week in 2012.
·
Difference of 20,176
Week ending In the week ending January 26, the advance figure for seasonally adjusted initial claims was 368,000, a increase of 38,000 from the previous week's unrevised figure of 330,000. The 4-week moving average was 352,000, a increase of 250 from the previous week's revised average of 360,000.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 366,596 in the week ending January 26, an decrease of 70,429 from the previous week. There were 422,287 initial claims in the comparable week in 2012.
·
Difference of 1,404
Week ending In the week ending January 19, the advance figure for seasonally adjusted initial claims was 330,000, a decrease of 5,000 from the previous week's unrevised figure of 335,000. The 4-week moving average was 351,750, a decrease of 8,250 from the previous week's revised average of 360,000.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 406,766 in the week ending January 19, an decrease of 119,994 from the previous week. There were 416,880 initial claims in the comparable week in 2012.
·
Difference of 76,766
Week ending In the week ending January 12, the advance figure for seasonally adjusted initial claims was 335,000, a decrease of 37,000 from the previous week's revised figure of 372,000. The 4-week moving average was 359,250, a decrease of 6,750 from the previous week's revised average of 366,000.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 555,708 in the week ending January 12, an increase of 2,360 from the previous week. There were 525,422 initial claims in the comparable week in 2012.
·
Difference of 220,708
In the week ending January 5, the advance figure for seasonally adjusted initial claims was 371,000, an increase of 4,000 from the previous week's revised figure of 367,000. The 4-week moving average was 365,750, an increase of 6,750 from the previous week's revised average of 359,000.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 552,043 in the week ending January 5, an increase of 61,944 from the previous week. There were 646,219 initial claims in the comparable week in 2012.
·
Difference of 181,043
In the week ending December 29, the advance figure for seasonally adjusted initial claims was 372,000, an increase of 10,000 from the previous week's revised figure of 362,000. The 4-week moving average was 360,000, an increase of 250 from the previous week's revised average of 359,750.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 495,588 in the week ending December 29, an increase of 40,459 from the previous week. There were 540,057 initial claims in the comparable week in 2011.
·
Difference of 123,558
In the week ending December 22, the advance figure for seasonally adjusted initial claims was 350,000, a decrease of 12,000 from the previous week's revised figure of 362,000. The 4-week moving average was 356,750, a decrease of 11,250 from the previous week's revised average of 368,000.
·
The advance number of actual initial claims under state programs, unadjusted, totaled 440,887 in the week ending December 22, an increase of 39,458 from the previous week. There were 497,689 initial claims in the comparable week in 2011.
·
Difference of 90,887