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Initial Jobless Claims Soar, Biggest Miss Since November
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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http://gawker.com/hello-from-the-underclass/
Would someone like my last glass of Koolaid? I've just realized I might have a problem.
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...
No thanks, I have my own problem. A Japanese Unicorn just shit a massive amount skittles everywhere...
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.
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....
why stop at a multi unit property? Why not buy a whole city?
Towns That Are For Salehttp://www.huffingtonpost.com/2012/08/09/towns-for-sale_n_1761217.html
+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.
Since the election, at least we are getting more accurate numbers (or, closer to them).
"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)
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!
@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.
4%....they'll need fantasy level good luck just getting GDP above 1%!
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.
Long food stamps, section 8 houses and ebt cards.
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.
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.
He's sincere about half of it. I'll let you decide which half.
Meanwhile the economy continues to weaken rapidly. The fact they are talking about a strengthening economy affirms just how clueless they are.
Desperate propaganda blowhorners in their last days.
I see hints of truth telling or at least some small bit of analysis since they have reached -0 for credibility.
Reminds me of another guy who used to do the same things.
http://www.youtube.com/watch?v=s27Oq5ot0ZI
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?
Backwards day? BLS reports higher initial claims AND gold goes up at 8:30?
Newly unemployed people eating their iPads so they can use the UI check to stock up on PMs.
Print more money! It is a race now with Japan to see who can destroy their economy first.
Well Krugman, what sayest thou?
Uh...what he always sayest...not printing near enough.
"totally unexpected"...
..."because we were surprised there are still jobs out there to lay people off from."
85 bil aint gonna cut it Benny Boy, now get your ass busy and let's get this recovery in high gear.
He signed off on the Norks nuking something. You know broken windows
Come on Bernake. No more of this 'just the tip' stuff. You need to go ball deep!
Get to work, Mr Chairman! We need moar!
ps: my take on that huge miss: they didn't x-12-arima enough.
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.”
Huh...well anyway I'm sure we'll see some sweet stawk pumpin due to this! That's what's really important.
Help us Kevin Henry - you're our only hope!
Cause we just can't have 2 down days in a row.
And cue the Dow........down....whoa.......4 points!!!!!!!!!!!!!!!!!!!! Run for the hills.......it's starting!!!!!!!!!
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!
They want to get ahead of the Bernanke on QE5.
Adjectives help pump the algos into plus-plus territory
It is starting Kito. Watch out.
http://www.youtube.com/watch?v=qLlUgilKqms
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.
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.
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.
Don't forget all the time required for environmental and regulatory permits, and government oversite, plus the inevitable lawsuits by some alledged aggreved party.
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.
Clearly, what's needed is more money... clearly.
Like I Said, The Annual Rate Of Initial Claims Is Trending Higher, And Now So Is The Headline Number
http://chartistfriendfrompittsburgh.blogspot.com/2013/04/like-i-said-annual-rate-of-initial.html
Aha! Them new jobs were temp jobs afterall.
"What is this?" A strugle between the foreces of good/truth and evil/propaganda in the BLS? Or it could be a fine-tuning of procedures and formulas.
Well, this might explain why gold is having a tough time. The boyz are getting ready to make the case for more stimulus.... Look Ma, no inflation Gold goes down everyday.
BLS has nothing whatsoever to do with UI benefits claims...they don't collect or publish any information related to it.
The claims are from the Department of labor, and BLS is a division of the DOL so technically you are correct.
So what is "what is this"?
Is it FM (frequency modulation) or
No, it's AM - AMPLITUDE modulation!
What's the frequency Kennith? It is Attitude manipulation!
I think Bernank is tweaking the resonance on the LFO.
I will love to see what is going to happen when the market perception changes from bad = good to bad = bad.
Jobs! It's what you need for dinner.
Dammit, the problem is all these people with jobs. If there were no jobs, there would be no jobless claims. The market would be free to run 100% a month. With those gains everyone would be rich and wouldn't need jobs anyway. Fuck all you people attempting to work for a living. You're screwing this whole thing up. Everyone knows the path to prosperity isn't working, but receiving free money you can invest regardless of the actual performance of the economy. Production will follow once the stock valuation of the corporations soar, because higher stock valuations will lead to higher spending.
-Krugmanian logic
Does anyone know which 2 states were estimated?
It's all double plus good. You mocking snarkers will feel the Trickle Down soon enough once we re-jigger the calculations just a wee bit.
One of the states with estimated data was CA; the other the Virgin Islands.
Could this mean that low interest rates have no effect on unemployment? Impossible!
The answer to "What is this?" is that the BLS is playing The Price is Right.
Uhhhh 2 million, no lower, uhh 100 thousand, no higher, uhh 1.5 million, no lower, uhhhh 250k, no higher, uhh 1million......
Eventually it will be goal seeked just right.
There was once a time when anything over 250k was considered irrefutable evidence of a recession. We haven't seen a number like that since 2007.
Poor jobs number = market up! Makes perfect sense.
65 and climbing.
Fed tied QE to low employment- expect lots of bad numbers so they can jam stocks higher. Oh yeah- now it will make gold go down too.
As I guessed yesterday, it is all going to be blamed on the sequester. A convenient excuse.
Up near 4 hundo again - brutal
In the new service economy we will all have jobs filling out unemployment forms and submitting them to each other.
As wall street accumulates more capital courtesy of the FED and their too big to Jail banks, all American Business big or small will see massive injections of cash into their businesses to help them with operations and expansions. I for instances will soon have a Starbucks of my own in my upstairs bathroom.
Soon there will be some pot in every chicken as Fearless Leader puts choom gang in charge of agriculture inspections, the ensuing intoxication will cause perpetual green shoots and infinite recovery.
Bernankenomics is our saviour, all hail Ben, king of the Helicopters,.
William banzai, you want to to get on designing the new 1000 dollar bill (soon to replace the 100) Bernanke on the front with $ sign eyeballs and a fleet of helicopters dropping bundles of cash onto Wall Street on the reverse side.
What could possibly go wrong?
Remember we have become a contractor society and those losing jobs or assignments cannot even claim unemployment. A 380K print six years into it is truly a tragic number. The norks don't have to nuke us as we are nuking ourselves.
Is it 8 dollars of debt for 2 dollars of growth since the start of the great recession? What a clusterfuck
It means Benny and the Inkjets will increase from $85 billion/month to $120 billion/month.
Krugman, how about $500/billion a month. Let's beat Zimbabwe by leaps and bounds.
And what happened to that missing $9 trillion?
9 TRILLION Dollars Missing from "Federal" Reserve - Fed Inspector Clueless
http://www.youtube.com/watch?v=hUiIjudvsLM
How long can it stay trapped like a 20 minute fart before it explodes? This QE on roids has to find its way into the real economy at some stage surely?
Dear Ann Landers,
I've discussed the economy with my co-workers and I've shown them irrefutible evidence that the US economy is not picking up but they disagree. They say that new car sales are up, new home sales are up and the FED will stop having to print money soon so my question is this: Am I reasonably informed as a result of reading Zerohedge or are they just fucking retards who can't see the forest for the trees?
Thanks Ann!
OY here I realize but can someone please suggest when the price of gold will be determined by the physical market and not the paper-pushers?
Mr. Paul Krugman, from the perspective of a liberal's conscience, is George W Bush still responsible for everything? At what juncture is the current President responsible for anything? Just askin'
Heads I win; Tails you lose ..... I'm ok but you are not ...... my arguments are empirical and fact-based ... yours are cranky old man rants generated by either Investors business Daily, Zero Hedge ..... and on and on and on .....
After this weeks bad economic news. I suggest that Bernanke should change tracks. This month instead of printing computer zeros for the banks, he should print actual green stuff and give it to every American who is under water.
If it doesn't work they can just give us all a haircut next fall.
a 50 % loss in silver in 2 yrs..is not inflationary. In a Normal environment stocks would pay attention to what it's saying.
let me get this strait.... BOJ does more of the same that hasnt worked in 20 years and the stock market rips, unemployment goes up and all indicators are negetive but still we rally?
bad economy is good. means more easing coming which will boost stocks. unemployment only affects the masses