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Initial Claims Miss By Most In 5 Months As Challenger Job Cuts Worst April Since Recession
The last 2 weeks have seen initial claims surge by almost 40k back (the most in 5 months) above 2013's closing levels. This post-weather-recovery "ignore Q1 GDP" pent-up demand is absolutely not evident in the jobs data as the 344k print for initial claims is the highest since Feb. This is also confirmed by the 5.7% rise year-over-year in Challenger job cuts which has left the year-to-date job cuts at their worst for an April since the recession ended... But didn't everyone tell us that April was looking good and that Q1 GDP was in the past and we should for get about it?
Initial Claims... ugly
Challenger job cuts... ugly...
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Clearly you didn't get the memo, this Easter caught economists totally off-guard.
Getting crucified by the weather
Aren't these people the ones who are being set free to pursue their passions.
It's the weather, stupid! They lost their snow shoveling jobs after the weather warmed up.
yellen - more signs of recovery (recovery in joblessness)
With the trends in jobs, GDP, and housing the Fed has no excuses left for the taper, except that all of their policies have failed, and they know it. Speaking weasel words all day must get old, but it pays well.
@slotmouth
But it was only yesterday afternoon that Yellen & Co. told us that the "Economy" had "picked up."
#TIMESTAMP
Like my Progressive pals would say; "A lot of things have changed since then, but it's still Bush's fault. Bitchez."
Bush will be blamed from the time he left office and for the next 50 years. The progressives control the media.
"Progressives" hate progress and freedom of any sort.
I prefer the term "Commie-faggots", but that's just me.
That's "Cummie-Faggots!" Get it right, please.
With talk like that I'm banning you for life and you have to sell you team. (And I DON"T want that girl friend of yours)
@knuckles
You right. And I know these Fed/central planner types are without any scruples, but any human being with a shred of dignity would be utterly embarrassed by that Fed release yesterday. Embarrassed to the point that they wouldn't show their face in public again. But not these guys. Again and again and again, ad nauseum.
and as long as we do not factor in the rising prices of gasoline, food and health care insurance we have no inflation. On the upside, with low PCE, all the price increases in health insurance , food, gasoline helped WMT and Costco sales immensely, so WMT can get out of its 2% sales increase companywide rut, help same store sales and to boot we get .1% GDP!
Now this has to work some magic over at McDonalds so they can show same store sales increase. With beef going up dairy going up, coffee going up, and wheat (bread) going up, Mickey D's should show some revenue increases despite people learning its cheaper to make dinner at home.
McDonald's seems to be raising their prices now so even the $1.00 menu is getting smaller. It is getting to where some can't afford to eat at McDonald's any more. It is cheaper to eat at home. Ramen noodles (ewww) are even good when you are truely hungry!
Then why is GOLD collapsing??
Just looked....my sock drawer is still there.
Easy peasy. Can't have gold going up. People might say "oh Shat".
But my socks have holes and the one pair I had old silver coins stashed in have moved and hidden somewhere else! .. LoL
They see we have the trucks backed up...
I buy silver every week, because there isn't much choice as a store of value.
Remember Cyprus.
The prospect of rising interest rates will give gold and silver some headwinds in the short run.
Stay the course, and you'll be happy.
Bullish, bullish
I had a pretty good April, actually. Canadian and International stocks and REITS did well. Even made a little off my bonds.
:shrug:
Stinkin' weather!
This is the progressive growth model. Corporations and insiders get rich, the poor eat shit and the middle class goes away and they campaign on how empathetic they are to the middle class and poor as the country remains in the depression Obama planned !
Thats about as succint as you can get
Time for some more Lies- man!
'Since the recession ended'.....if we just keep chanting that line of bullshit enough, someday it has to be true!
Yup. The recession never end because it wasn't a recession. It's a dad gum deflationary depression that requires insolvent Arseholes to be moral hazarded into bankruptcy.
OT.
Ford CEO leaving July 1.
Toppy right in here.
Jobs no longer matter. It's all about bidding up stocks and boosting profits on the books.
Mark to unicorn banking assets = Non GAAP earnings
Birds of the same feather.
Creating jobs in a mature market should be required to pass a certain "taste" test. It should be pointed out that while America is creating jobs it is costing a huge amount. I'm referring to the massive government deficit which I feel is the fuel driving our still rather weak growth. Is it sustainable, and just as important are these the right kind of jobs and will they last?
When a job that falls outside the description of government worker fails to make economic sense it becomes a form of working welfare with the taxpayer picking up the tab. We as a country and as a society have paid dearly for each unsustainable job created through government incentives and partnerships, because of the nature of many of these jobs we might even call them temporary. More on this subject in the article below.
http://brucewilds.blogspot.com/2014/04/creating-real-jobs-remains-proble...
Off topic - Martin Armstrong has a pretty good piece out today about long-term predictions (2015.75 +).
So we had a hole in the wall of the house, but instead of fixing it, we just put wallpaper over it. Well, now enough wind and rain and snow has beat against that paper, and the hole is starting to show through again.
That about cover it?
Planned layoffs surge 17% in April. Jobless claims increase above expectations. All income 'gains' were attributable to inflation and gov subsidies (adjusted for these no increase). Look at U6, fixed invesmtent and GDP. Gives you all you need to know about where our economy is headed. As for the market who the fuck knows. As long as central banks longing equities there is just no way to know when the ponzi ends if ever.
It ends. And not peacefully. This should be abundantly clear by now. The only questions that remain are the when and how.
Tomorrow marks the the final day for a number of 3M employees whose positions have been "eliminated". At least they have the summer to figure out how to pay for next years heating costs.
The unemployed are the new consumers, we couldn't care less!
this is all to sucker some shorts in for tomorrow's blowout nfp number
Recently released figures showing a strong decline in job formation over recent months may be more than a noisy statistic it may be an omen of danger ahead. This is a reminder that the task before Janet Yellen and the Federal reserve will be getting much more difficult.
Not only does this call into question claims the economy has reached escape velocity but lends credence to claims by others like me that QE and artificially low interest rates are not the answer. These policies and massive government deficit spending can only carry a distorted economy so far. Expect this issue to come front and center in coming months. More on this in the article below.
http://brucewilds.blogspot.com/2014/01/slower-job-growth-red-flag.html
but don't worry, we have the ISM "survey" to fake it all back to bullishness! it's gettin real boring these days knowing their script...
Wal-Mart loves enttlements. Their making money off it, so why would they care?
Walmart's earnings are down, in large part b/c the multi-year unemployment checks are running out. Walmart lives off government entitlements. Now, on the other hand, Nordstroms is booming. It appears the .1% are getting their FED entitlements, and LOVING it.
I used to have a job.......consumer of the old days
now I have no job...new economy consumer
Both consume but at different levels and buy different things....and this is the new economy we are living in....
I shop mostly at the flea market and salvation army........
This is bullish and very good. Moonbat Polosi said this helps build the e-con-o-me. They have more time to spend with their family, more time to get out and shop. More folks get to sign up for food stamps etc...So the street should read this as double plus good!
In Chicago its triple good because all those laid off people have more time to shoot people, per Mayor Rham's plan, thus lowering the overall population and increasing the Labor Force number... Voila!
that was funny--CNBC completely brushed off the employment figures and talked about some increase in spending data point, like this was all good news.
The bread and circuses are really cranking up now... right along side the propoganda machine.
I'm long heirloom vegetables, MREs, plastic sheeting, and duct tape.
So this is why consumption went up
May is time for green shoots, get with it or you'll be called a denier.
Recovery Summer V or is it Recovery Summer VI
A guy fixed my aging van yesterday - total cost for some exhaust work and a gas line leak was under $100, including parts.
This guy is in his late 20s, is a crackerjack mechanic and was recently talking to me about opening up a shop.
I went through the list: rent, getting a Fed ID, state sales tax license, reporting income, quarterlies, disability, worker's comp, unemployment, withholding, SS, and on and on.
I offered that he would be better off doing what he's doing, cash, mobile repairs (he comes to your home or work, which is great), or rent some space at night from a garage if you need a lift.
Smart kid, guess what he did.
Fixed my van up on a lift in a garage he was renting from $20/hour. Still doing mobile repairs, considering buying a trailer.
Don't play their game unless you absolutely have to. Cash, Cash, Cash.
Starve the beasts at all levels - local, state, and especially, federal.
Just thought I'd mention this little story as a sign of the times, though slightly off-topic. Jobs numbers are cratering; what the BLS and ADP make up comes from God-knows-where, but the underground economy is thriving and absolutely where the best entrepreneurs ought to be or already are. If you think that street-dealers, off-the-books hustlers and the like aren't some of the best businessmen and women in the world, you should compare dealing with them to dealing with corporate America.
The small guys work on cash, handshakes and reputation. The corporates feed us pink slime, lie all the time, pound small business into dust, and customer service? Call your cable company for a clue.
That reminds me...I need to cancel my cable.
Goddam weather. And it only gets worse. This will be the most pleasant Spring and summer in years. Everyone will be out at the beach making up for being holed up in their homes due to the snow this winter. No one will get any work done and companies will be forced to lay off more workers. It never ends. When will Mother nature spare us of her cruelty?
Robots don't spend money.
Bad news is good news - More QE, More QE more QE. Janet tell us you are cutting but keep Elvis Costello'ing it (Pump it Up)
And what's more important: It's 16K higher year over year. Haven't seen that in quite a while.
Since when was April looking good? Slow more like it if you actually look around at local business.