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California Layoffs Jump As Initial Claims Meet Flat Expectations
The last few weeks have seen initial claims somewhat flatline stalling the downtrend of the previous six months (even as today's print dropped 9k from the previous week's revised data). Today's very small miss (346k vs 345k expectations) is the second week in a row. While delayed a week, 39 states saw an improvement in claims while 14 saw claims rise but it is most notable that California saw over 15,300 layoffs in the services industry, not exactly the sign of a strengthening recovery and the trickling down wealth effect (especially given the pace of real estate gains on the West Coast).
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Maxine?
Nancy?
You suck!
The more useless a politician, the better....just like everything else today! (except your job, where you must now do the work of 3 people)
There will soon be plenty of new jobs in California:
Now that Governor MoonBeam has let all the felons out of prison with AB-109, we will have plenty of broken windows and stolen cars to replace...
BULLISH!!!
There are 2 Californias.
1.) There is the coastal wealth, comprised of Bay Area tech, whose prosperous effects extend from Santa Cruz all the way north to wine country; there is the wine country coastal wealth (undoubtedly supported by the wealthy Bay Area tech wealth); the Southern California wealth, comprised of Hollywood, plenty of "old money", and tech such as Nokia and Qualcomm. I lived in San Diego for awhile and saw 16 year old trust-fund babies driving Lotuses to school. It's a different world. These people can easily afford exorbitant property and income taxes and the $8 boxes of blueberries you see at Costco.
2.) Everything else. This is the California that the coastal libtards either don't know about or choose to ignore. This is the agricultural, manufacturing, shipping & transportation, hospitality, and small business California that has been pummeled into submission by taxes, illegal immigration, and regulation. Google "Reverse Grapes of Wrath" and you'll see what I mean.
I beg to differ.
These two skank bags have no idea of how to suck; a dick....anything.
They don't "suck" at their elected office; they are criminals masquerading as "public servants" - thereby - they deserve to be tried, convicted and sent away - never to darken the halls of Congress again.
As one of Waters constituents might say; Boff of dem.
Skank bitch lying battle-axing criminals....
When debt bubble implodes problems like Immigration and Obesity will take care of themselves. http://tinyurl.com/mem7o7x
Barbara?
Dianne?
Henry? (Waxman)
Jerry?
Kamala?
(Oh where, oh where do I stop?!?)
YOU ALL SUCK!!!
So we need really bad news to support 'the market' but when we get big unemployment beat Friday then that will be back to VERY GOOD news and support markets even higher!
OK, got it.
I wrote programs in PASCAL years ago that could handle negative scenarios. The algos today handle this with ease.
Correct. Thus, BullBearish...sorta
Look for a big increase in lawyer layoffs as there don't seem to be any laws left.
Krugman 101.
The miss is just enough for the robots to grab the word miss from the headlines and churn the market higher on bad news means moar QE, while not too far out of line to scare the sheep.
I don't even factor the sheeple into any equation now....I frequently ask people around me general questions about what's going on, they know nothing.
Who wants to live in Taxifornia anyway? If the earthquakes don't do ya in, the government will.
About 36 million, apparently.
And dropping fast. The smart ones are bailing, all that will be left are illegals, sports teams and state workers.
Trust me when I say that there are many here who for different reasons, (own property, working but close to retirement, etc.), would gladly leave tomorrow. For us it's a "trapped in hell" scenario. Despite all that, we continue to plan our exit, assuming the S doesn't HTF. In that case we're ready for that too.
illegals.
Commiefornia is the Holy Land for 4 types of peeps : very rich, very poor, illegals and public union members. All others in the muddy middle need to get out .....and they are ! < massive unfunded pension liabilities at all levels of gubmint >
Our house is getting listed and we are going to have the popcorn ready in our new rental house. When the SHTF we'll leave the landlord a check for the last month's rent and GTFO!
It's bittersweet, to be honest. This is where I grew up and I've seen it go from a thriving, beautiful land of opportunity to the nation's spooge rag, overrun by the welfare and public-sector leeches.
Meathammer I am not on here to give advice, and I wish you the best no matter what you do.
In my case, I am not selling my house. My theory is that the inflationary shitstorm that is eventually (potentially....I am a beaten man about this) coming will end up being good for home owners and bad for renters and I can pay back my fixed rate mortgage with funny money. Renters in that scenario would get stung.
That is assuming we are not living in chaos.
Thank you for your insight, fonz. I gladly accept as many different points of view as I can get.
I have considered the inflationary scenario and being able to pay off my house with a handful of Kruggerands. We bought our house with 2010 FRNs and the thought of being able to give the bank funnier money in return and export inflation to them is definitely in the back of my mind.
However, as we've discussed ad-nauseum and I tend to agree with, the housing bubble will pop first (Obamacare is looming, which will annihilate the economy), and if we can pocket some easy cash, wait for housing prices to go back into the toilet, and buy back in (probably not in California) before the Fed ramps up the printing presses and causes the inflation that we all know is coming eventually, then we can hit the sweet spot. The question is, obviously, timing it right.
Your thoughts...
We've thought of the "wait and pay them back in funny-money inflated dollars" scenario as well, but it's the other shit that that really troubles us, like the whole having to PAY to get a "permit" to buy ammo. For us at least we also live way too close to one of the "exit freeways" out of the LA basin.
Think of any scenario that involves turning the spigot off to said same basin, whether its an earthquake, social unrest or the sudden death of the dollar, wait three days and then think of 8 million Angelenos heading for the exits, thirsty, hungry, desperate and armed with Tec-9s. It'll make any of the zombie movies look like slapstick. It's enough to make you lose sleep at light.
So you're saying even if I could stay here and pay my house off with monopoly money, why would I?
I tend to agree.
There are so many variables it makes me angry and I want to punch my Nancy Pelosi doll.
"There are so many variables it makes me angry and I want to punch my Nancy Pelosi doll"
That is absolutely the bottom line.
Ok, the final answer is sell house, make easy cash, spend 20% or so at the coin shop, wait for housing bubble to pop, buy nicer house and live like Tom Vu off of my shiny for the rest of my life.
What I'm really trying to say is I'll be homeless and distilling my own piss in a year or so.
The Nancy Pelosi doll? Did you buy it in Haiti? Have you tried using long needles on it? Just askin'... ;-)
Reloads man, reloads....works for me
+100, Meat. Oh, and add "undocumented foreign nationals".
Unemployment is good for the economy. -Nancy Pelosi
Open borders. How to destroy a state and country. Working real well for western Europe too.
i hope every single person involved in this ponzi scheme of a market dies a terrible death.
fuck those bastards.
another bullshit triple digit gain on absolutely nothing.
any time the market moved down a percent the fed must intervene.
the question is, who the fuck in the world is buying these fucking bullshit markets? is it 100 percent the fed, or is it only like 70 percent fed, because if it is only 70 percent fed, then the other 30 percent r fucking idiots.
Macros don't matter.
Let's see - Q1 GDP forecast - 3.4%. Actual: 2.5%. Revised 1.8%.
Markets? Up 1% yesterday. Today? Up another 0.5%.
Shrinking growth means stocks go higher. More bizzarro stuff. The reality is that the masses know we are fucked - and the insiders are trying to alter the mood - not going to happen.
You have to understand the second level.
"It's not just the Fed, it's earnings, too!"
The earnings are not earnings. They are earnings per share, and that can be ramped by borrowing at 0% and buying back your shares. Then rollover that debt when it matures into new 0% money, as long as there is 0% money.
So when there are signs of taper, panic, and when GDP says no, celebration.
Is there a schedule published for what days bad news is bad and what days bad news is good? Yesterday bad news was good, today good news is good.... or are we perhaps back to all news is good?
Cannot understand how unemployment is going up.
Walked by a sign at a local Walmart advertising opening in almost every department. Only one possible explanation: 29 hours. 29 is the magic Obamacare number for job creation. Now that everyone in retail and hospitality is being cut back to 29 hours to avoid providing health insurance, many new jobs are being created.
Jobs for everyone. At Walmart and Burger King. Thank you Obama King.
Oh and health insurance? Going to be provided in the future by the northern franchise of the Mexican Social Security Hospital system.
I read somewhere that they will be fined for 29 hour work weeks for trying to get around the law, it'll likely be 20-25 hours a week.