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Jobless Claims Go Ballistic: Government Shutdown, Computer Glitch Blamed
Initial Jobless Claims spike 66k this week, to its 2nd highest print of the year. For 5 weeks in a row we have see initial claims slide lower as the market celebrated multi-year lows and rallied on recovery hopes... and now it's all gone. Continuing claims has also missed expectations for the second week in a row. The Labor department explains this credibility-destroying data as due to the government shutdown and to "glitches" in the California computer system (which were supposedly resolved two weeks ago when the claims number was printing in the mid 200k range) as well as due to 15,000 non-Federal workers filing claims (being fired) due to the government shutdown. Of course, anyone fired in the past week can and likely will say they were fired due to the shutdown. The market shrugged off this data as irrelevant, which it is for the simple reason that initial claims reporting, now flawed for 5 weeks in a row, has become the latest "data" set to succumb to total farcism.
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Don't most states require people to be out of work for at least a week before filing an unemployment claim? SO how would this number include furloughed government workers?
That and the fact that Congress has voted to give Federal employees back pay, so they are
really getting extra paid vacations. But at least Yellen will have some ammo to justify printing
til the cows come home.
I would guess that .gov employees will get paid but some .gov contractors will just put their people on layoff
Must.. Keep.. Gold.. Down.. at all.. costs..
Because every number coming from the US government, at least those parts that are not "shut down", is completely made up.
Just remember- it's not a lie if YOU believe it! <George Costanza>
Whole thing is starting to feel like an episode of Seinfeld. An economy about nothing.
I WAS IN THE POOL!
Yeah. Somebody should have held 'em under. ;)
You spelt Fascism wrong.
You mean "Farcism"? I believe it was intended, and derived from the word, "farce". But I could be wrong.
FWIW, Here's the Dept of Labor Unemployment claims report.
"NOTICE: Due to suspension of Federal government services, this website is not being regularly updated."
http://www.dol.gov/opa/media/press/eta/ui/current.htm
Tylers: It's more like an 85,000 INCREASE ACCORDING TO THE NSA NUMBERS!
FORWARD IN REVERSE!
how did those slick "This site is shut down" signs get made up and distributed nationwide in a week? Doesn't it seem the shutdown of the parks and monuments was planned weeks in advance?
Very similar to the reports that .GOV has preordered truckloads of "This area under martial law" signs. Ya gotta give them credit for being far sighted.
I do find it fascinating that we have 800,000 non essential .gov employees in a country where we have over $17T in debt and mounting
Drug company Teva to cut 5,000 jobs, save $2 bln a year
Merck cut 8,500 of its research scientists last week and 7,500 of themn a few weeks before to increase their bottom line.
Others including Pfizer, AstraZeneca and Sanofi have also slashed staff numbers in recent years due to slowing sales growth, often due to competition from cheaper generic medicines - many of which are made by Teva.
http://finance.yahoo.com/news/drug-company-teva-cut-5-133225725.html
It's gonna take the whole family -- Ma, Pa, live-in Granma, the kids and step kids -- working at Coastco for $20/hr to pay that Big Mortgage and put food on the table and iPads in back pockets now.
The "Department of Fudging Statistics' has been furloughed. Nobody left working actually knows how to run the algorithm that produces the MOPE statistics.
Which word will Yellen use to replace but mean the same as Ben's Transitory? .......anomaly. ...blip....awhoops....holy fuck....illusionary. ..unforseen. ...bad mojo....missed by a cunts hair....?
'All wee-wee'd up'? Oh wait, that's Chalky's line.
I'm confident that it's merely a typo or rounding error
bad hair day, or
when they freeze your accounts in order to "repatriate" your money to help defer the countries debt (countries not a typo, we are somehow responsible to feed, cloth, protect, jail, slaughter, and educate the entire world)
bad hair cut day
There are only so many computer glitches reported that can be taken as reality.
How's about all the job roles being pared because of ObedientCare?
And in any case, the shutdown of nothing but visible shit for PR which is backfiring btw, has been over a week... So why not suck 2 gubamint tits?
Collect U bennies while back pay accrues?
Ain't that many gov employees on furlough anyway after defense, CDC, etcetera, recalls.
Izzy Washington DC is not a state, remember? if one thought the .gov was making numbers, why it would benefit the DC crowd if well UE went up with a shut off of our dear .gov funding, why not report it's all bad..(when in fact it has been the worst economy in 60 years)
we, in the real economy, see what is going on with the employment scenario. The stock markets everywhere are a closed casino club with free money to play with. The employment situation is dire, end of issue.
Plenty of 29.5 hour week jobs......it's just that no one wants them.
Food stamps and disability are just the more attractive option at this juncture. We need amnesty now....or big business is going to be in dire straights.
Put Paul Ryan on it.....he's a shifty little bastard. Hopefully with everything going on...no one will even notice.
...The market absolutely shrugged off this data as irrelevant.
The day is still young
Someone wants gold to stay below 1300 ...
Yup. 10 minutes after the open and the Dow Casino is up almost 158 points. Makes a lot of sense, don't it?
Of course, yesterday was a weird day...strange market swings down, then up, then down again...settling at 26.50 after the Yellen announcement.
Think this is the after-effects of the addicts getting more heroin through QE? I, personally, am soooo looking forward to paying negative interest rates through Yellen's masterful guidance at the Fed! </sarc>
So furloughed government goons will get UNEMPLOYMENT BENEFITS + BACKPAY? Ain't that nice to be part of the praetorian class?
..and just in case someone disputes ur claim lolm....they are supposed to reimburse unemployment pay, but the office that is in charge of that part doesnt really persue it...so party the fuck on garth......
It's like organized crime---only legal.
At some point, the metaphor "shovel ready" takes an entirely morbid turn.
"After the boys of summer have gone...."
Everything is now completely broken so this must be why completely broken market futures are going vertical.
Ah yes, the "markets" are finally "going Weinmar"?
Optimist.
sure it is... DO ALL THOSE GOVERNMENT SLACKERS COLLECT UNEMPLOYMENT BENIFITS?!?! NICE WHEN THEIR WAGE ALSO APPEARS ON THEIR ACCOUNT NEXT MONTH!!
1 WEEK VACATION AND DOUBLE PAY! WAY TO GO OBOSO!!!
SAVING MONEY IS THE GAME AND OBAMA IS MY NAME!!!
Aw what a shame
A paid vacation furlough and unemployment benefits.
Our public servants, tirelessly working to rip us off.
I find it funny that if the number is negative its because of a computer glitch and if the number is favorable its because of Obummer and the Dem hood rats "Creating jobs & building the ecomony". Every fulltime employee that I know who was laid off took two part time jobs working in the food service industry to support their families. Its a good thing we count that as "creating" two jobs.
- Nothing and nobody seems to be working anymore. Fuck the system, Obama ,Bernanke and all the banksters - ruined the lives of millions.
Hurricane Sandy didn't help either....
"the latest "data" set to succumb to total farcism."
nice.
The fact is that any statistic coming out today is ignored for some reason.....nothing is moving...even though the debt ceiling debate is here.....wierd...
I was reading that Deloitte was "upgrading" unemployment claims systems in several states so the last few weeks the numbers were completely irrelevant (not that they are more relevant now)
See, for ex.
"Deloitte IT projects plagued with troubles around the country"
http://www.boston.com/business/technology/2013/10/06/deloitte-projects-plagued-with-troubles-around-the-country/SmaXCE66SxBamlpx56FnTM/story.html
"Florida Shuts Down Unemployment Claims System For A Week":
http://www.huffingtonpost.com/2013/10/09/florida-unemployment_n_4069724.html
In California, tens of thousands people were not counted, according to this article:
http://www.ktvu.com/news/news/local-govt-politics/state-legislators-call-review-edds-handling-unempl/nbJxy/
The Florida system shut down on this past Tuesday and is supposed to reopen next week.
Now we know why Obama wanted to prolong the 17% government shutdown: the angst in the MSM about the whole thing, and the debt ceiling idiocy, provide a great smokescreen to hide this number, no matter how irrelevant it might be.
Flawed, Flawder, Flawdest. Nothing changed.
Interesting that their is a similar one-time large red bar about the same time last year!!!
Since "furloughed employees" will now get retro-pay, why in the hell aren't they made to come back to work instead of being on taxpayer funded vacaction?
Or maybe just keep paying them to stay home forever and never threaten us by actually showing up to 'work for us'.
Glitchez...Bitchez!
"Glitchez...Bitchez!"
LoL! There's some glitches alright!
Uh?
And the market loves it!
Laughable, if it wasn't so pathetic.
All "data" from here on out is going to get much worse.
My dog's in a bad mood....he says "it's b/c of the shutdown."
My kid didn't do his homework..he said "it's 'caus eof the shutdown."
The bus was late yesterday...the driver said "it's b/c of the shutdown."
My TV is all fuzzy so I called the cable guy..... he said "it's cause of the shutdown."
Golly.
I've got to start wondering that maybe we here at ZH are all wrong...things really are going great.
I feel like I've been intentionally keeping myself down with all the doom and gloom.
4 years now looking for a real job...
obama admin scandal? Mexican gun running / SEAL Team 6 / lying about Benghazi / voter fraud / military not getting their votes counted / 3 or 4 of Obama's GAY friends were mysteriously MURDERED when they came forward with claims he was gay too / NSA monitoring our phone calls, emails and everything / drones in our own country without the benefit of the law / Giving 123 Technologies $300 Million and right after it declared bankruptcy and was sold to the Chinese / arming the Muslim Brotherhood /The DOJ spying on the press / The IRS targeting conservatives / Sebelius shaking down health insurance executives /The president's ordering the release of nearly 10,000 illegal immigrants from jails and prisons, and falsely blaming the sequester / The president's threat to impose gun control by Executive Order in order to bypass Congress / The president's repeated violation of the law requiring him to submit a budget no later than the first Monday in February / The 2012 vote where 115% of all registered voters in some counties voted 100% for Obama / The president's unconstitutional recess appointments in an attempt to circumvent the Senate's advise-and-consent role / State Department interfering with an Inspector General investigation on departmental sexual misconduct / Clinton, the IRS, Clapper and Holder all lying to Congress / You mean that 65 million low-information voters who don't pay taxes and get free stuff from taxpayers and stuck us again with the most pandering, corrupt administration in American history ... yeah that one
I like it! Congratulations on your contribution! It's a fair assessment!
You take the wind out of the conMSM postings....
Finally, some honesty in "the official numbers"
OMG Mark, some unfiltered, unsmoothed, unmanipulated data got through. We're toast!