Initial Jobless Claims Soar, Biggest Miss Since November

Tyler Durden's picture

And the economic (downside) hits keep on coming: PMI, ISM, Non-Mfg ISM, ADP and now Initial claims - five out of five misses as the US economy slowly but surely joins the rest of the world in resuming its downward trajectory. Moments ago initial claims printed a whopping 385K, far above expectations of 353K, and far above the upwardly revised 357K (was 353K before). This was the biggest miss to expectations since November. Also, excluding the Sandy abberations, this was the biggest two week surge in claims since April 2011. Continuing claims also missed, printing at 3063K, above expectations of 3050K. Sure enough, the excuses begin: sequester, Easter (two states estimated which means actual number is likely even worse), weather (unclear if warm or hot), Cyprus, and generally, stuff... Just not the economy. Never the actual economy. Because it is unpossible that with $85 billion inject per month into the market economy, that things would be just getting worse and worse.

Finally, the absolutely ridiculous weekly oscilation in extended emergency claims (EUC) continues. One can only hope someone can explain this at some point.

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GetZeeGold's picture

 

 

Would someone like my last glass of Koolaid? I've just realized I might have a problem.

ihedgemyhedges's picture

It would take a LOT of cheap beer for me to find anything attractive about this pig. Ahhh, reminds me of a couple of bad nights in college. Well. The nights were good, the next mornings were the problem...

HD's picture

No thanks, I have my own problem. A Japanese Unicorn just shit a massive amount skittles everywhere...

TheMerryPrankster's picture

Please to be watching out for a Cheshire cat that turns into a bus and a large tree sprite that carries a very small umbrella.

These are the final signs of the end times courtesy my friend Torturo.

smlbizman's picture

im going to do what is promised to finally bring this fucking shit show to an end.  i am going to look at a multi unit property. now if i purchase it, that should bring the collapse on,...... somebody has to fuck the fat chick to bring the streak to an end....i will take one for the team...wish me well....

CheapBastard's picture

why stop at a multi unit property? Why not buy a whole city?

 

Towns That Are For Sale

 

http://www.huffingtonpost.com/2012/08/09/towns-for-sale_n_1761217.html

NeedtoSecede's picture

+100 smlbiz. Might be one of the bests posts of all time. I have your back and will jump in and buy some stawks. Somebody on TV said stawks “look" cheap here, so it must be true.

boogerbently's picture

Since the election, at least we are getting more accurate numbers (or, closer to them).

TruthHunter's picture

"i am going to look at a multi unit property. now if i purchase it, that should bring the collapse on"

 

You'll do just fine until Section 8 starts singing vowels(as in CA style IOU's)

fomcy's picture

Drunk CNBC talking heads just spoke about 4% GDP for 2012 couple of days ago. :) Now Bernank needs to be double up.. Not enough QE!

Cursive's picture

@fomcy

I hope Tyler is preparing a post with a timeline/compilation of the bullshit we have been fed by politicians/CEO's and thier willing accomplices in the media.  It will never get old to be reminded of the lies.

SheepDog-One's picture

4%....they'll need fantasy level good luck just getting GDP above 1%!

spastic_colon's picture

they had too, the econ data was starting to look too good / sarc  in this race to be the worst in order to support all the keynsian activity something needed to happen.

Son of Loki's picture

Long food stamps, section 8 houses and ebt cards.

slightlyskeptical's picture

And short SSO @$72.50. Something I have wanted to do for a long time, and finally pulled the trigger.

The Bernanke can't stop it this time.

fonzannoon's picture

Some fed dipshit said yesterday that QE will end by summer with all the economic improvement going on. There is a small part of me that is starting to doubt his sincerity.

ejmoosa's picture

He's sincere about half of it.  I'll let you decide which half.

ejmoosa's picture

Meanwhile the economy continues to weaken rapidly.  The fact they are talking about a strengthening economy affirms just how clueless they are.

SheepDog-One's picture

Desperate propaganda blowhorners in their last days.

insanelysane's picture

I see hints of truth telling or at least some small bit of analysis since they have reached -0 for credibility.

lunaticfringe's picture

That's the problem with delusion. Pretty soon, you start believing your own bullshit. QE will never stop and certainly not before Bernanke looks for the exits next Jan. They know that. So do we. The rest is just more bullshit. Are futures up as usual on the latest cheery news?

DeadFred's picture

Backwards day? BLS reports higher initial claims AND gold goes up at 8:30?

SokPOTUS's picture

Newly unemployed people eating their iPads so they can use the UI check to stock up on PMs.

kahunabear's picture

Print more money! It is a race now with Japan to see who can destroy their economy first.

TeamDepends's picture

Well Krugman, what sayest thou?

kahunabear's picture

Uh...what he always sayest...not printing near enough. 

brewing's picture

"totally unexpected"...

Whoa Dammit's picture

..."because we were surprised there are still jobs out there to lay people off from."

1100-TACTICAL-12's picture

85 bil aint gonna cut it Benny Boy, now get your ass busy and let's get this recovery in high gear.

azzhatter's picture

He signed off on the Norks nuking something. You know broken windows

Mitch Comestein's picture

Come on Bernake.  No more of this 'just the tip' stuff.  You need to go ball deep! 

timbo_em's picture

Get to work, Mr Chairman! We need moar!

ps: my take on that huge miss: they didn't x-12-arima enough.

fomcy's picture

That's why GOLD was smacked down? Chinese on the Holiday again?

"UBS reports that physical demand for gold seems to be strong during a price decline, although for now it’s hard to gauge what is happening to Chinese demand with the country on holiday until Monday. Gold has fallen to its lowest levels of the year. “Our client flows indicated some buying interest and physical demand was once again strong,” UBS says. “Our index of physical demand from India yesterday was well above average and one of the best days we’ve seen in months.” The market will be eyeing Chinese demand when next week rolls around. “In February, Chinese investors came back from the week-long Lunar New Year holidays eager to take advantage of the much cheaper gold price,” UBS says. “This time around, though, seasonal factors are not exactly in gold’s favor. Nevertheless, a strong response cannot be ruled out with certainty. After all, the experience of Q1 acts as a reminder that despite disappointments in the past year, the ability of physical demand to help cushion the downside cannot be fully ignored.”

SheepDog-One's picture

Huh...well anyway I'm sure we'll see some sweet stawk pumpin due to this! That's what's really important.

Ness.'s picture

Help us Kevin Henry - you're our only hope!

insanelysane's picture

Cause we just can't have 2 down days in a row.

kito's picture

And cue the Dow........down....whoa.......4 points!!!!!!!!!!!!!!!!!!!! Run for the hills.......it's starting!!!!!!!!!

SheepDog-One's picture

It's all good! Japan mentioned 'New Super-Serious QE'...that's some VERY good news right there! Of course it won't work, but who cares that's another free monee party!

Quinvarius's picture

They want to get ahead of the Bernanke on QE5.

ziggy59's picture

Adjectives help pump the algos into plus-plus territory

scatterbrains's picture

I say what's the harm in trying another 4 tril stimulus from here ? Direct it to the 1%  and it may actually trickle down on you bitchezz this time.

 

 

insanelysane's picture

Lol.  The libs hated Ronald Reagan and trickle down economics but yet cheer on Big Ben and QE which is another version of trickle down economics.  If you are going to blow $85 billion a month, do it building roads, bridges, schools, airports, etc.  At least some of the money will be used on wages.

CH1's picture

 If you are going to blow $85 billion a month, do it building roads, bridges, schools, airports, etc.  At least some of the money will be used on wages.

Nah, that never works fast enough. $85 Billion in wages requires time to award projects, prepare the jobs, find workers, order materials, etc., etc.

Benny needs to inject his Billions fast.

SDShack's picture

Don't forget all the time required for environmental and regulatory permits, and government oversite, plus the inevitable lawsuits by some alledged aggreved party.

Shevva's picture

It's alright the MSM has started the great propaganda.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9970294/Helicopter-QE-will-never-be-reversed.html

That's right people QE really does mean for life.

FieldingMellish's picture

Clearly, what's needed is more money... clearly.

realtick's picture

Like I Said, The Annual Rate Of Initial Claims Is Trending Higher, And Now So Is The Headline Number