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Initial Claims Limp Lower Courtesy Of Upward Prior Revision

Tyler Durden's picture




 

The now ubiquitous prior upward revision helped headlines crow of 'another' decline in initial jobless claims this week. Initial claims beat expectation of 344k with a 339k print, whis is now a drop from a previously reported 338k that is now revised up to 341k... all makes sense, right? It seems claims have stabilized somewhat after the few weeks of glitches and shutdown SNAFUs and the downtrend appears to have stalled as these levels of claims are at the same level as 5 months ago. Bear in mind this is the last print for 2013 (not first print of 2014 data) and with 1,391,297 people on Emergency benefits due to start 'tapering' this week, we can only imagine the 'glitches' that will occur going forward.

With government shutdown and software glitches, this may be the "cleanest" print we have had in months...

 

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Thu, 01/02/2014 - 09:46 | 4292868 Dr. Engali
Dr. Engali's picture

Happy New Year! Here's your pink slip, now go file for unemployment.

Thu, 01/02/2014 - 09:50 | 4292881 TeamDepends
TeamDepends's picture

Being unemployed will soon be counted as "working for the government".

Thu, 01/02/2014 - 10:10 | 4292891 Racer
Racer's picture

No, no, no, far too complicated...

if you breathe, you are employed as a gardener/farmer

.... converting oxygen to CO2 so plants can convert it back again

Thu, 01/02/2014 - 09:54 | 4292893 GetZeeGold
GetZeeGold's picture

 

 

Soon all the unemployed will no longer be counted.....at that point we shall declare victory.

Thu, 01/02/2014 - 09:58 | 4292889 Headbanger
Headbanger's picture

Too bad there's no real work that needs to be done in this country like rebuilding bridges and crumbling roads and demolishing what's left of Detroit.

And it's a good thing we don't need high speed rail or better local public transportation.

But not to worry cause legalizing pot will put millions to work in now fashionable head shops.

And it's so nice to know that the government will always know where we are in our cars in case we get lost being stoned:

http://www.infowars.com/feds-may-require-vehicle-location-tracking-in-ne...

/sarc

Thu, 01/02/2014 - 09:47 | 4292873 Colonel Klink
Colonel Klink's picture

Glitches Bitchez!

Happy New Year to all my ZH peeps.

2014 is going to be an interesting year!

Thu, 01/02/2014 - 09:46 | 4292876 Musashi Miyamoto
Musashi Miyamoto's picture

Dears citizens of Oceania I am pleased to announce an increase in Chocolate rations to 19 grams.

May big Brother Watch over us.

Thu, 01/02/2014 - 09:52 | 4292884 TeamDepends
TeamDepends's picture

Really looking forward to the "Two Minute Hate" today.

Thu, 01/02/2014 - 10:06 | 4292912 Headbanger
Headbanger's picture

Not that they notice but you've been a little too lax with your hateful shouting lately.

Thu, 01/02/2014 - 09:50 | 4292877 papaswamp
papaswamp's picture

Notice the long term trends folks.
http://research.stlouisfed.org/fred2/series/ICSA

We are at the bottom again. Recession ( or worse) 2 yrs or less away.
Not seasonally adjusted shows we have already come off the bottom.
http://research.stlouisfed.org/fred2/series/ICNSA

Today's data hasn't been added when I posted! but the swing off the bottom will be obvious when it is. NSA was up to 443,000. Seasonal adjustment was -100,000 ... That is way too much.

Thu, 01/02/2014 - 09:52 | 4292880 mayhem_korner
mayhem_korner's picture

Recession ( or worse) 2yrs or less away.

 

You left off the word "Deepening" at the start of the sentence... 

Thu, 01/02/2014 - 09:53 | 4292887 papaswamp
papaswamp's picture

Fair enough!

Thu, 01/02/2014 - 09:58 | 4292895 TeamDepends
TeamDepends's picture

The Greatest Depression started five years ago, and Black ___day is two weeks away.  Where are the soup kitchens?  EBT cards!!!!!

Thu, 01/02/2014 - 09:52 | 4292883 Colonel Klink
Colonel Klink's picture

I didn't know we had left a recession, taking out the government largess.

Short jobs, long pain!

Thu, 01/02/2014 - 09:47 | 4292878 GrinandBearit
GrinandBearit's picture

lol

All government reported numbers are ludicrous bullshit.

Thu, 01/02/2014 - 09:54 | 4292882 Racer
Racer's picture

These 'jobless claims' comparisons are like comparing apples to golfballs

Thu, 01/02/2014 - 10:03 | 4292906 GetZeeGold
GetZeeGold's picture

 

 

We've got a lot of balls.....how do you like those apples?

Thu, 01/02/2014 - 10:07 | 4292917 ChaosEquilibrium
ChaosEquilibrium's picture

Why are my DOW futures GREEN online and RED via CNBS?

 

Glitch in the Matrix?

Thu, 01/02/2014 - 10:11 | 4292926 ebworthen
ebworthen's picture

I haven't been counted in over a year.

The double whammy of cuts to extended unemployment and the middle class paying inflated rates for Obummercare (un-Affordable non-Care Act) is going to CRUSH the economy.

The deductibles alone for most working people are going from $1,200/year to $7,800/year or more.

Fewer and fewer people have career employment and wages.

The mandarins and elites can't see what's coming.

Thu, 01/02/2014 - 10:11 | 4292929 gwar5
gwar5's picture

Shadowstats: Unemployment USA 23%.  The best source for economic data. The data remains really bad. We are in a Depression, technically and otherwise by all measures.  The government finds new ways to lie about lying.

 

Thu, 01/02/2014 - 10:34 | 4292943 GetZeeGold
GetZeeGold's picture

 

 

Naa naa naa.....

 

I can't hear you.....I can't hear you!

Thu, 01/02/2014 - 10:20 | 4292952 overmedicatedun...
overmedicatedundersexed's picture

gwar5, no no, some are in a deprssion, those that count are doing really well, look at DC area real estate for a hint or lower west park ave, things are great, j corzine can't decide on $1000 red or white wine.

Thu, 01/02/2014 - 11:13 | 4293113 Colonel Klink
Colonel Klink's picture

"j corzine can't decide on $1000 red or white wine."

Oh the whore!  I mean whore!  Damn auto correct.  I mean to say WHORE!

OK I give up.  Every time I keep trying to use horror in the sentence with Corzine it auto corrects to WHORE!

Thu, 01/02/2014 - 11:26 | 4293140 Kreditanstalt
Kreditanstalt's picture

Just maybe all of this "initial claims" nonsense is increasingly meaningless...more and more people are NOT in "full-time insured employment" but are instead iving precariously from temp job to temp job, part-time positions, in school, semi-retired, fullly retired, dropped out, on government payouts, living in basements, in underground economy etc., etc.

Thu, 01/02/2014 - 11:37 | 4293183 Tsar Pointless
Tsar Pointless's picture

In the non-seasonally adjusted reality, initial claims jumped last week.

http://www.dol.gov/opa/media/press/eta/ui/eta20132486.htm

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