1.4 Million Jobless Officially Get The Emergency Claims Axe

Tyler Durden's picture




 

Initial claims rose very marginally week over week (with the declining trend of early 2013 now over); continung claims rose more - considerably more than expectations - with its biggest 7-week rise since early 2009 to the highest in 6 months; but the major news is the drop in Emergency Unemployment Compensation beneficiaries from 1.37 million to (drum roll please) zero! Congress decision not to extend this beenfit means there are 2 million fewer people on benefits than a year ago. The 1.4 million drop also means the number of people NOT in the labor force is about to rise by the same amount, which as we explained before, means the US unemployment rate is about to drop by up to 0.8%, which means the January unemployment rate could be as low as 5.9%.

Emergency claims recipients dropped to zero...

 

As continuing claims rose by the most (over the last 7 weeks) since 2009... to the highest in six months

 

The total number of people claiming benefits in all programs for the week ending January 4 was 3,706,087, a decrease of 1,003,734 from the previous week. There were 5,659,482 persons claiming benefits in all programs in the comparable week in 2013.
 

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Thu, 01/23/2014 - 09:41 | 4358472 Sudden Debt
Sudden Debt's picture

DAMNED ROBOTS!! THEY TOOOK OOOUR JOBS!

Thu, 01/23/2014 - 09:43 | 4358476 Quinvarius
Quinvarius's picture

The Luddites were right after all.

Thu, 01/23/2014 - 09:50 | 4358495 rehypothecator
rehypothecator's picture

Note: Due to rounding, er, moral deficiency errors, unemployment does not equal (1 - employment).  

Thu, 01/23/2014 - 09:50 | 4358509 Gankfest
Gankfest's picture

yay!

Thu, 01/23/2014 - 09:53 | 4358523 flacon
flacon's picture

Somebody just broke the NASDAQ. 

http://www.investing.com/indices/nq-100-futures

 

Thu, 01/23/2014 - 10:08 | 4358560 TeamDepends
TeamDepends's picture

Dagnabbit, and it was humming along so majestically...

Thu, 01/23/2014 - 10:16 | 4358610 aint no fortuna...
aint no fortunate son's picture

none of this matters a whit - tell me how hard the VIX gets banged and how big the POMO is today and I'll tell you where the market closes

As to the labor participation rate? Meh! That's what they have sock puppet media for - to baffle 'em with bullshit

 

Thu, 01/23/2014 - 10:38 | 4358684 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

There are lies, damn lies and there are statistics. If you don't like the numbers, manipulate them.

Thu, 01/23/2014 - 10:49 | 4358715 synergize
synergize's picture

Now lets plot this chart against crime in the upcoming months.  No benefits = Higher Crime is my guess...

Thu, 01/23/2014 - 13:21 | 4359337 Kobe Beef
Kobe Beef's picture

Doubt it. To qualify for Unemployment Benefits one would have had to have worked a job at some point in their lifetime.

Besides, the absolute highest correlated factor to crime is ....

 

http://www.ronunz.org/2013/07/20/race-and-crime-in-america/

HINT: It's not poverty.

Thu, 01/23/2014 - 10:17 | 4358609 RaceToTheBottom
RaceToTheBottom's picture

 

"The Luddites were right after all."

Hmmm, I am becoming more swayed to your statement every day.

Given that, Gold becomes the "I don't want to play, pill".

Thu, 01/23/2014 - 10:49 | 4358655 Ignatius
Ignatius's picture

Organic food and free range livestock is a growth industry and I understand that some shortages are showing up.

Goodbye Yellow Brick Road and back to the land.  HH, give us a photo accompaniment.

Thu, 01/23/2014 - 11:08 | 4358776 PeeramidIdeologies
PeeramidIdeologies's picture

I've come across empty fuel tanks at a couple of gas stations on the east coast as well. Mind you, it has been damn cold and dark quite often this winter.

No more extentend claims! Alright! Double net benefit!! Reduction of the deficit, lazy asses can no longer sit and pretend there is no work to be done.

Thu, 01/23/2014 - 12:32 | 4359131 zaphod42
zaphod42's picture

If you are being serious, that would be a job offer I just read.  I know a few people who will accept.

If there are no jobs, and no other way to feed themselves, there are a few things that those million plus could be doing, and many of them are not legal.  John Dillinger was a fully employed person back in the day.  Sort of in the banking industry, in a way.  Almost like modern banksters.

Craig 

Thu, 01/23/2014 - 14:45 | 4359699 PeeramidIdeologies
PeeramidIdeologies's picture

It is. Just the other day I was considering the possibilities of a plug and play rocket mass heater. I personally don't have much experience in the design and patent realm but would gladly invest personal resources in the project.

I also recommend those who are looking for work take a moment and recognize the stock of their personalized skill set. Everyone has a personal niche, the sooner it's identified the sooner you can get paid.

Ah yes Dillinger. Comparing him to modern banking procedures seems a little bass~akwards to me. I'm sure your familiar with his stance towards both TPTB and towards those whom the banks wealth was derived from. One could even argue his economic policies were in line with Austrian thought.

Thu, 01/23/2014 - 11:08 | 4358774 tmosley
tmosley's picture

No, they weren't and no they aren't.  Robots are supplying goods and services that otherwise WOULDN'T GET MADE because our economy has collapsed.  Automation has merely hidden some portion of the collapse from our eyes.

Without the current trend in automation, goods would simply be far more expensive, and we would see some of that inflation that the Fed has been producing.

Thu, 01/23/2014 - 11:18 | 4358810 PeeramidIdeologies
PeeramidIdeologies's picture

No no, robots create jobs. They also increase available leisure time. Their cool metallic exteriors decrease the amount of energy released into the atmosphere which reduces the effect of warm active bodies on our de-stabilizing climate.

The robots will save us!!

Thu, 01/23/2014 - 12:32 | 4359134 Kirk2NCC1701
Kirk2NCC1701's picture

I guess they're all fucked* now. 

* "The F Word": http://www.ebaumsworld.com/audio/play/961/

Thu, 01/23/2014 - 14:48 | 4359708 PeeramidIdeologies
PeeramidIdeologies's picture

Apparently I'm not "updated" enough to watch the video, but to clarify the record, I would fight a robot.

Thu, 01/23/2014 - 12:18 | 4359066 J 457
J 457's picture

I'd like to see charts of 1) Workforce participation rate since 2008 2) # Unemployed since 2008 3) Increase in # disability claims since 2008.  That would be more telling.  I suspect many falling off the extended UI rolls will now flock to the disability line.  

Thu, 01/23/2014 - 15:26 | 4359860 Againstthelie
Againstthelie's picture

A wonderful day for all libertarians. Doug Casey, Schiff and all Austrians are celebrating! Evil state must perish and the money masters controlling and their "market" will solve everything.

Thu, 01/23/2014 - 09:42 | 4358474 Bearwagon
Bearwagon's picture

So 1.37 million more constantly disabled People, right? This can only end very well ...... very, very ...

Thu, 01/23/2014 - 11:25 | 4358837 Greenskeeper_Carl
Greenskeeper_Carl's picture

Yep. Also not counted in the labor force anymore. Your move, federal reserve. Either remove QE since the unemployment rate is way down, or admit all the numbers you use are bullshit

Thu, 01/23/2014 - 09:42 | 4358475 buzzsaw99
buzzsaw99's picture

no moar funemployment of any kind! [/dean vernon wormer]

Thu, 01/23/2014 - 09:59 | 4358536 Divided States ...
Divided States of America's picture

About time these SLACKers of the ECONOMY finally get off their arses and either find a REAL JOB or find a BANKER to beat up.

Thu, 01/23/2014 - 10:04 | 4358549 TeamDepends
TeamDepends's picture

Blowjob!

Thu, 01/23/2014 - 13:37 | 4359417 atomp
atomp's picture

What's with the -'s? Need moar animal house fans 'round here.

Thu, 01/23/2014 - 10:09 | 4358569 SilverDOG
SilverDOG's picture

  buzzsaw99

 

 

There will not be.

 

We ALL are upon the U.S.S. Edmund Fitzgerald.  http://www.youtube.com/watch?v=adZiVjXFfKk

 

At seven PM a main hatchway caved in, he said

"Fellas it's been good to know ya"

 

 

Thu, 01/23/2014 - 09:42 | 4358479 Sudden Debt
Sudden Debt's picture

.

 

We love you as a individual so much... that we excluded you from the mainstream stats.

Greetings,

Your beloved Government

Thu, 01/23/2014 - 09:53 | 4358524 Xibalba
Xibalba's picture

NO HEAT?  NO FOOD?  NO WORRIES!!  

Thu, 01/23/2014 - 09:44 | 4358485 Colonel Klink
Colonel Klink's picture

Looks like they can now withdraw the taper and start raising rates because unemployment is set to drop below 6.5%!

#WINNING

Thu, 01/23/2014 - 13:07 | 4359268 Meat Hammer
Meat Hammer's picture

Klink, it looks like we'll finally get to see the destination at the confluence of all of the lies from Bernankme, when they can no longer say QE is about employment.

It reminds me of a great Anton Chigurh quote: If the rule you followed brought you to this, of what use was the rule?

Thu, 01/23/2014 - 09:44 | 4358486 Bastiat
Bastiat's picture

Smells like recovery!

Thu, 01/23/2014 - 10:11 | 4358586 eclectic syncretist
eclectic syncretist's picture

Well, let's see.  1,400,000 people times ~$350 per week times 52 weeks equals a cool $25+ billion dollars that won't be getting spent to support the "recovery".  Is that significant?  I really don't know anymore. 

Thu, 01/23/2014 - 10:52 | 4358718 Max Cynical
Max Cynical's picture

But Nancy Pelosi says that unemployment benefits stimulate the economy...

"Unemployment benefits are creating jobs faster than practically any other program", House Speaker Nancy Pelosi said Thursday.

"Unemployment insurance, the economists tell us, return $2 for every $1 that is put out there for unemployment"

House Minority Leader Nancy Pelosi (D-Calif.) said that extending unemployment benefits would add “600,000 jobs to our economy.”

She also said that the money from unemployment benefits creates a “safety net” for the U.S. economy because it “injects demand into the economy -- creating jobs.”

Thu, 01/23/2014 - 11:00 | 4358750 Colonel Klink
Colonel Klink's picture

By that theory we should fire everyone and the eCONomy will... BOOM!

Thu, 01/23/2014 - 12:23 | 4359081 Erus Unius
Erus Unius's picture

I think a good argument could be made that the monies do in fact go back into the economy. I.e., food, rent, bills. It does go to support the local economy where its applied.

 

I do not think a argument could be made that the ROI is $2 for every $1 spent. I just don't see it.

Thu, 01/23/2014 - 11:27 | 4358846 Greenskeeper_Carl
Greenskeeper_Carl's picture

"25 billion not being spent, is that significant? "
It's about a week worth of QE, so no, I'd say its pretty insignificant

Thu, 01/23/2014 - 13:04 | 4359257 MarsInScorpio
MarsInScorpio's picture

Greens

 

The difference is that the $25-billion is going into the Main St. businesses, as opposed to the .01%.

 

Considering that no significant amount of the QE is going to Main St., that $25-billion going to Main Street is highly significant.

 

If the QE was also going to Main St., there would actually be a recovery.

 

But the object here is the looting of the nation by the klepto oligarchs. Thus the QE goes to them, and Main St. continues to collapse.

-30-

 

Thu, 01/23/2014 - 13:35 | 4359394 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Smells like recovery!

Your illuminating choice of words has led me to a startling insight. Now I know why the word "recovery" is used in reference to the economy.

Immediately following a natural disaster (e.g., earthquake, tornado, hurricane), the first phase of response is called rescue. When enough time has passed to make it likely that no more victims will be found alive, the rescue then becomes a search for corpses, euphemistically referred to as recovery efforts.

Hold your nose, it smells like recovery.

Thu, 01/23/2014 - 09:45 | 4358489 Sudden Debt
Sudden Debt's picture

And now Obama can relax after bringing unemployment down... and go golfing...

JOB DONE! UP TO THE NEXT!!!

https://s3-eu-west-1.amazonaws.com/expomatch/upload/16048.JPG

 

Thu, 01/23/2014 - 09:46 | 4358490 GolfHatesMe
GolfHatesMe's picture

Winning!  Forward!  Hope!  Change!  Sarc!

Thu, 01/23/2014 - 10:14 | 4358492 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

QE taper unemployment target rate a success the lie must be maintained at all costs. When the history books are written on this chapter this little detail will be left out about the labor force participation rate as all good history propaganda books are written by the victors to justify the victors values and policies.

Occam's razor, PHD morons rigging the numbers so the next generation of PHD morons will hold current generation in reverence for their monetary policies in the text books at the same PHD moron factories. They just will conveniently leave out the slight of hand trick as the real reason in the books.

The long term is the game here. In 50  - 100 years when we are all dead and the lessons of why paper ponzi's fractional reserving always fail along with the personal pain ingrained into the collective consciousness after it crashes; They need to justify all this as a success for the next generation or 2 of money changers to set up the same scam again. You can revise the history as the current generation dies off and the collective memory fades. The pain part will be blamed on politics aka the resurgance of Marxism not money when all is said and done. This scam is alot more nuanced than people realize...

The cycle begins anew.

Thu, 01/23/2014 - 10:32 | 4358654 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The government is not going to cut these 1.4 million people loose from the entitlement corn. They are just going to be reshuffled into other entitlement programs when all is said and done to keep them from rioting. Think money to retrain for new a career in trade schools/college in the form of loans/grants. It is simple account tricks in a ledger while distracting the crowd by getting them to focus on you while the misdirection is being done.

Thu, 01/23/2014 - 11:07 | 4358772 Colonel Klink
Colonel Klink's picture

Until the old adage comes into play.  When people have nothing left to lose, they lose it.  Only way it will matter is if their ire is directed at the political and corporate class.

Thu, 01/23/2014 - 11:44 | 4358917 cossack55
cossack55's picture

WV Crazy Checks

Thu, 01/23/2014 - 11:32 | 4358859 Greenskeeper_Carl
Greenskeeper_Carl's picture

History is written by the winners. That's why, to this day, FDR is still viewed as having saved us from an even greater depression. Same will be said about Obama and bernanke. Sure things were bad, but they would have been so much worse had these selfless heros not done what they had done. That's how the story will be told, unfortunately.

Thu, 01/23/2014 - 13:26 | 4359366 Kobe Beef
Kobe Beef's picture

The History of the 20th Century was written by the Tavistock Institute, aka Minitru.

Thu, 01/23/2014 - 09:47 | 4358496 ifishivote
ifishivote's picture

I love that our govt will now count them as being employed!  This should also cause the Participation rate to plunge.

Thu, 01/23/2014 - 09:49 | 4358507 Bastiat
Bastiat's picture

They are already not participating, so it should have no effect on that number.

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