• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

Initial Claims Miss For Second Week In A Row As Nonfarm Productivity Tumbles Most Since 2008

Tyler Durden's picture




 

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.

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 02/07/2013 - 10:30 | 3222789 mademesmile
mademesmile's picture

HEADLINE

 

"US unemployment aid applications decline to 366"

Ap article in my local paper. Sickening. It really is the Dept. of Truth

Thu, 02/07/2013 - 10:35 | 3222799 Yes_Questions
Yes_Questions's picture

 

 

Mainspin Media

 

Thu, 02/07/2013 - 10:36 | 3222802 thismarketisrigged
thismarketisrigged's picture

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.

Thu, 02/07/2013 - 10:45 | 3222805 Yen Cross
Yen Cross's picture

 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!

Thu, 02/07/2013 - 10:57 | 3222839 Kilgore Trout
Kilgore Trout's picture

<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.

Thu, 02/07/2013 - 11:25 | 3222941 natronic
natronic's picture

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!!!

Thu, 02/07/2013 - 11:42 | 3223018 clagr
clagr's picture

Ever notice how weekly 'new' jobless claims is always about double new hires. Only the twisted can see that as "slowly improving".

Thu, 02/07/2013 - 11:52 | 3223066 mayhem_korner
mayhem_korner's picture

 

 

Apart from stuffing car lots with future rental cars and counting the number of unemployed, what other 'non-farm productivity' work are people doing?

Thu, 02/07/2013 - 13:22 | 3223346 Grand Supercycle
Grand Supercycle's picture

Wile E. Coyote sell off awaits...

SP500 daily chart choppy downtrend commencing.

Longs please be careful.

http://trader618.com

Thu, 02/07/2013 - 15:40 | 3223843 mkhs
mkhs's picture

Isn't this straight out of Orwell's 1984?  Something about chocolate rations increased.

Thu, 02/07/2013 - 16:14 | 3223949 Tetres
Tetres's picture

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

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