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Initial Claims Worse Than Expected, Rise By 18,000 To 354,000
It would not be the DOL if the last week's initial claims wasn't revised higher. And it was: from 334K to 336K. But more importantly, the current week's number of 354K once again broke the "improving" trend, and printed far above consensus estimates of 340K, proving that there is still a substantial amount of "disposable" slack in the economy. If the stock market continues its downward jiggle, and without the Fed that may well be the case, look for the Claims trendline to resume going from the lower left to the upper right, in seasonally adjusted terms. In short: yet another red flag for the economy, which continues to reject the Fed's attempts to restart a "virtuous cycle." Yet by the looks of things, this datapoint alone is not enough to start speculation of the untaper.
And a breakdown of the last week's major initial claims change for states with a +/- 1,000 change.
STATES WITH A DECREASE OF MORE THAN 1,000
- CA: -1,209 - Fewer layoffs in the service and retail trade industries.
STATES WITH AN INCREASE OF MORE THAN 1,000
- PA: +5,214 - Layoffs in the transportation, healthcare and social services, entertainment, lodging and food service, and scientific and technology services industries.
- IL: +3,364 - Layoffs in the transportation and warehousing, construction, and accommodation and food service.
- TX: +3,007 - No comment.
- GA: +2,937 - Layoffs in the manufacturing, trade, administrative and support service, transportation and warehousing, healthcare and social assistance industries.
- OH: +2,326 - Layoffs in the manufacturing, communication, finance, and service industries.
- KY: +1,825 - No comment.
- FL: +1,645 - Layoffs in the manufacturing, retail trade, agriculture, and service industries.
- VA: +1,479 - Layoffs in the transportation and warehousing, and manufacturing industries.
- NC: +1,454 - Layoffs in the industrial and commercial machinery, business service, textile, and metal industries.
- PR: +1,385 - No comment.
- NY: +1,341 - Layoffs in the finance and insurance, healthcare and social assistance, and transportation industries.
- NJ: +1,340 - Layoffs in the finance, trade, transportation and warehousing, professional and technical service, and manufacturing industries.
Not a good distribution there...
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Winning!
When it rains, it pours.
Here's a ray of sunshine for you.....
Twice As Many Turn Out at DC Tea Party Rally Than See Obama in Berlin...
In his defense most of those people didn't have jobs and weren't doing anything anyway.
Nice TIME To Pull The Plug, ben Shalom...
Might as well eliminate things that are not actually working, so we can get to the business of finding out what does-like letting the markets function freely.
Who needs a job? They're too busy buying "existing homes" ... according to MSM.
.
The good news keeps coming, meanwhile in China..................................................
TWA-800 blow out of the sky in 1996, CIA: "IT WAS NOT A MISSLE".
Must have been a missile.
have a look at the passenger list
now you know why bengazi was just chump change.
Botched kidnapping attempt to trade for the blind sheik.
Can't really prove it, and Obama wasn't around....so we're good.
My question is why is a documentary getting this type of media attention. Moreover, why is it getting media attention in a way that lends it credibility, "a whistleblower has come forward with new facts about TWA 800 stating that it was not an accident." I'm guessing there is some serious infighting going on between TPTB (snowden, et al).
Both were Clinton's
Imagine what it would have done to the airlines if they would have told the truth.
They were already wards of the state at that point...
Navy ship shooting it down is unpossible because the Navy never does stuff like say surfacing a sub into a research vessel or grounding a ship on a reef so badly it can't be towed off. I mean millions of dollars of electronics on board just can't tell them for sure if anything is above or below a ship with any accuracy.
That's inbelievable!
So is physical cash the new safe haven? Bonds down, gold down, stocks down
Buy Pain, Misery and Disgust, all up. (and maybe cheap alcohol related)
Long empty coffee cans
For now it is
What the fuck is happening to gold, i love it when they make it cheaper.
"What the fuck is happening to gold" - the opposite of what is happening to stocks
You print money you'll never pay back.
You knock the price of gold down with it.
You buy the cheap gold.
.....and then you win.
Or movement into higher yielding investments?
<<Or movement into higher yielding investments?>>
Yeah, like Detroit Munis. And as a sweetner, they're"tax-free."
I'm going to go ahead and guess that Uncle Ben knew these numbers before he gave his little speech, yesterday, right?
This probably just gives him more cover, more bad numbers = economy not improving = beatings will continue.
The actions that do nothing to help the economy/jobs etc. will continue to be taken until the economy improves.
You can't make this stuff up, folks.
just had the same thought...this all is a staged play to justify QE Act IV.
Scene I began 2 weeks back when the foils AG & JD appeared on stage to nudge up interest rates.
all has been proceeding according to the puzzling script since then...
The problem that Benny and the Feds have is that when they first launched QE 1, there was no data, so they could say and did say well our models predict that X is going to happen with QE. Now we are 4 years into a recovery, in the middle of QE III, and there is a lot of very inconvenient data. Sort of like when the first gov stimulus was costing $300,000/yr to create a $50,000/yr job.
Thank you, Ben Bernanke for this economic wasteland you have made for us. Due to your inability to understand that YOUR actions are part of the economic problems we are now experiencing, Average Joes wander across the barren and jobless land of your ineptitude.
Time to pay the piper, BernanQE.
USA bubble bursting. If Ben says they are printing 85B a month for the forseeable future, and stocks and bonds still dump, there is nothing else you can report that will stop the stock and bond bubbles from imploding.
$150 bn should just about do it.....a day.
Except everyone is running to the dollar. As long as that happens USA bubble still alive and well. Only when dollar is down along with all paper markets and commodities are up will the collapse really begin.
This is what they tell the sheep. 'sall good.
Chocolate rations have been increased to 20 grams.
hahaha
talk about Newspeak.
"(Reuters) - The number of Americans filing new claims for unemployment benefits rose more than expected last week, but not enough to signal a material shift from the recent pace of moderate job growth."
Bullish!
"More People Quitting their Jobs Shows Confidence in the Economy."
Ga-faw, ga-faw, ga-faw.....
I am sitting in Bremerton visiting my son. Turned on the TV and sure enough the media was touting exactly what you stated. My son and I were laughing our asses off as the media was spinning it to explain how it means the economy and job market was growing. Next up was housing and it was even a bigger spin.
Great to know housing up here averge was 448k in Kitsap county. What a joke I guess you have to make serious money to live in a home here. My son got his on a short sale for 254k. Spoke with some of his neighbors and they agreed with me that housing in the area sucks. I guess some folks get it because they cannot sell their homes for what the media up here states. Frigging liars for the sheeple to try and buy a home they will lose money on.
But, but, but, if you add in the millions of secret highly paid spies, the jobs picture is not so bad.
SP TARGET 1.400
Ben is making stuff up (to someone's short benefit yesterday afternoon).
PTB: "We must have more Gold. Crush the paper price of GLD. that we may buy moar gold."
Chairsatan: "Yes, Master(s)."
There was an idiot on CNBC just now spewing a bunch of propaganda buullshit saying....home values are going up and people are getting richer, households have successfully delevered, job growth is strong. I'm not worried about the U.S I'm worried about Europe and China if there is a problem it will come from there." Of course the 4th rail challenged him with crickets.
So basically it's a pretty normal day over there.
That's what I like about you... You're always keeping it real.
+1 LOL Doc The media is stating there is no inventory to sell to people so your bound to get more then your asking price! Just cannot make this stuff up anymore!
@Dr. Engali
Yesterday, I watched CNBS for the first time in well over a year. The level of desperation from the stock pumpers is the highest I've ever seen it. They will say or do anything to fleece the muppets. Once the BernanQE medicine stops flowing, many of these "financial" types will choose to leave our world of their own accord. Probably more overdose than jumping out windows.
Agreed. I very seldom turn it on. The propaganda and lies are too painful to watch. It's not good for my blood pressure.
It can be fun to watch if you have the right mindset. It is pure entertainment and is interesting to see people that are truly delusional or if not delusional, are willing to sell their souls at all cost.
Looks to me like the US market is primed to shoot higher out of the gate. International carnage, commodities crushed, and futures down less than 1%? That leaves us about where we began the week ... as long as US dollar is a 'safe haven' and the boot remains on gold's throat, the banksters still have it their way as I see it.
I used to be worried because at age 32 I don't have a 401K or any special savings for retirement. A few years ago I started looking at it another way. Why not posistion myself now to have some acreage and self-sufficiency skills so in 10 years it feels like I'm retired? You don't need a large amount of money to be somewhat financially secure. Yesterday I learned how to tap maple trees and make syrup ( it's techcially easy, just a lot of work). That's gonna come in real handy. I'd much rather learn how to do something than pay someone else. The only thing that concerns me now is healthcare, but it's too hard to predict 10 years out anyway.
@mademesmile
Welcome. Once you start making your own soap, there's no going back.
Take care of yourself and the healthcare won't be an issue
True. Expecting our fourth child in a few months, so I'm more worried about kid emergencies like appendicitis. We have insurance now, but who knows in a few years? But point well taken.
A little warm out to be tapping for maple syrup, isn't it? You are on the right track though.
There were studies done in the late '80s and '90s whenever people would discuss moving Social Security deposits to the stock market. But the problem with the social security system is also the same problem with the stock market to some degree.
For social security, there are more boomers collecting than there are people working and paying in.
For stocks, 401ks, and pensions; the boomers were the buyers that paid into these systems in large numbers. In their retirement, the boomers need to sell their positions. Who is going to buy them since there are less people in the population and even fewer people working?
Good luck with those hard skills. You may not care much for the sweat but you will feel cleaner after the shower. I pulled the trigger at 42 (a great number btw) and have not regretted it. I kept a little bit of cash flow coming from some property and maintain it myself. My multi-talented partner refuses to give up the day job however and the income is a great backstop. I've got a sweet deal on a CSA share that I bartered for. Life is good.
I'm 32 as well, now debt free. When I was unemployed I had to take out my 401k to pay bills.....but I also took some of it to play poker in AC. I won 5K in a weekend. #bestinvestmentever.
Reminds me of an old joke about three guys who owned a circus elephant. But it was to small to be the star of the show. So the owners decided to put a cork in the elephant's ass. Sure enough, within a couple of weeks the elephant grew and became the new star of the circus. But with each passing month the elephant became so huge they could not get him into his cage. So the decision was made to pull the cork and start again, but who would do it? Three owners decided to train a monkey to pull the cork. In a few days they all stood around watching as the monkey climbed up and started to pull the cork. Then things blacked out and all there owners woke up in the hospital. The doctor asked the first owner what happened? All he could say was"mounds and mounds" The doctor asked the second owner and he could only say the same thing "Mounds & mounds" Finally the doctor asked the third owner, he said all he could remember was "the poor little monkey trying to put the cork back in".
Think about it Ben you monkey you.
Take back Bubble Bernanke's PhD. He's a failure.
His thesis was trash.
Glen Hubbard is another one that was wrong.
Other failures when it comes to economic policy are:
Evans, Dudley, Yellen, Rosengren, etc.
The list is long.
and just think, they actually have Yellen warming up in the bullpen
I'm being told every day by neighbors and people that know realtors that the housing market is going to finally pick up. That it is a great time to buy and sell.
That is when you know it is about to crack.
On the surface, it does look good. More homes in my neighborhood have sold in the past six months than have sold in the past three years.
The problem isn't that they sold, the problem is what they sold for and who they sold to. Two of my neighbors sold their homes last month. One for $105k and the other for $100k. These homes were valued at $130k two years ago. Both my neighbors have been living in the homes for a while, and got out for the balance on their mortgage. Essentially they rented the home for a decade. They were happy to get out.
So that doesn't bode well for all the people that moved in for the last few years. Across the street they paid $138k for a home two years ago. Based on current sales they now live in a $100k house.
When I look at the weekly real estate transfers, I see a lot of trusts. So most of the transactions are all cash investors. If Bernanke stops buying mortgage securities, there will be no reason for the investors to keep buying homes.
The next housing crash will make the last one look like a party.
Obama wants Ben gone. So what is it that Obama really wants from the Fed?
Barry wants a scapegoat.
One month before the election, Ben started QE and probably generated a million votes or so for Obama. Obama is now thanking him.
that's not a serious question; he doesn't know. Or, what does he want? A distraction. "Look, I did something". They're all morons, at best, and criminal co-conspirators at worst.
Things are getting better, Bernie sez so.
More bullish news.
The Ben and Barry plan of hiring more government works is going exactly to plan.
Just add MO POMO.
WASHINGTON (Reuters) - More Americans than expected filed new claims for unemployment benefits last week, but still not enough to signal a material shift from the recent pace of moderate job growth.
Initial claims for state unemployment benefits increased 18,000 to a seasonally adjusted 354,000, the Labor Department said on Thursday. Economists had expected first-time applications to rise to 340,000 last week.
The four-week moving average for new claims, which irons out week-to-week volatility, rose 2,500 to 348,250 - holding below the 350,000 mark that economists usually associate with steady job gains.
Despite the increase last week, claims remained in the middle of their range for this year.
"The trend we've been seeing is still well intact. Where jobless claims are right now should tell you that the economy is doing okay, that it's on a decent path," said Brett Ryan, an economist at Deutsche Bank Securities in New York.
LOL! Brett is a douche!
Reason why Unemployment will NEVER get fixed----------> http://t.co/VL4qx7CzG7
Well, as I see it, these un-employed chappies are just not buying enough stocks; bloody un-sporting of them, I say.
Somewhat puzzling day. Where is the money going? People selling stocks; okay; selling bonds, the thirty year made another new low today; okay; selling silver; surprised me, really broke it's support; okay, sort of; WTF are they buying? The money has to go somewhere? The metals market is surprising to me; a nice way to say; I'm too dumb to understand. Or somebody is making a mistake. Is it the idea that because Uncle Ben is going to "taper"; there won't be any inflation in prices? Well, that kind of mistake is okay; because when the market finds out it's wrong, the metals will over-react on the up-side. I took profit on the S&P500 contracts this morning; I'm letting the Euro and British Pound contracts ride; they have some momentum now; I don't see why they can't reach the bottom of their trading channel in a couple of weeks. Sooner or later the Pound needs to really correct; it's a currency that represents a moribund economy that's drowning in debt; kind of an Italy without the manufacturing.