Initial Claims Miss, Rise 8k On Week

Tyler Durden's picture

Despite multi-year high levels of layoffs according to Challenger's data, and ADP disappointing, initial jobless claims continues to ride around the lowest levels since 2007. Seasonally un-adjusted data saw claims drop 12,481 on the week but after the magical adjustment, initial claims rose 8k on the week and modestly missed expectations. Overall, the number of people claiming benefits dropped 40,279 to new cycle lows.

 

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Cortez's picture

Makes sense.  In order to be jobless you have to have been employed.  The brunt of the layoffs already happened.

Hal n back's picture

Yeah--there is a point , I do not think we are there yet, where companies have skeleton crews so to speak.

 

Its like housing, at some point it cannot fall further because you have for one thing people dying and their kids have to sell the house to the few families that have good income.

My dentist explained it another way--his patients are stretching the time between appointments , unless they have a problem. The two a year visits are not every 10-12 months--hence his income has gone down.

 

GetZeeGold's picture

 

 

Who even quilifies for unemployment anymore?

Eyeroller's picture

Just keep telling the sheeple that this is good news, and they will believe.

Denial is a powerful thing...

Sudden Debt's picture

It's going to be great to see when the unemployment report goes negative :)

I'd like to seen how they'll spin that one to the sheep :)

It's actually possible, when those who work, work 2 jobs and if their number stays above 50% of the total.

Sudden Debt's picture

Does it all matter anymore?

It's like reading the weather report in your cabin while the ship is sinking...

NoDebt's picture

I'm glad it's not the bad old days when data points like this used to affect the price of my stawks.

oklaboy's picture

I don't think so, Tim......

The_Ungrateful_Yid's picture

Employment was soooooooooooo 1990's.

papaswamp's picture

NSA numbers were good as is the moving average...the question is, are people getting jobs (full or part time), or are they vanishing.... An interesting correlation going on...
http://research.stlouisfed.org/fred2/graph/?g=CzO

Wait never mind all is well... The 65+ will save us!
http://research.stlouisfed.org/fred2/graph/?g=CzX

Hal n back's picture

Thats an intresting chart overlay-I guess the discouraged workers cannot lose jobs they cannot get.

We do all know this is all surveys that get seasonally adjusted and then if they do not like the result they use an eraser and pencil to change it, right?

There were stories in the 60's of Lyndon Johnson doing just that--he got the data on Wednesday and penciled in the changes to arrive at the  number he wanted.

 

 

 

Chuck Knoblauch's picture

A firming labor market?

You're being normalized into an abyss.

A slow decent into the new age of mankind.

Enjoy!

EWS

CoastalCowboy's picture

We've just reached a point where people with a formal full time job are trying to do the work of three people and getting worked to death 24/7 as an employer has very little incentive to hire with all the uncertainty and Obamacare crap.  The employed remants are there as there is very little left to trim hence the overworking.  Everyone else has either joined the FSA or just scraping along to live.

It's still an employer's wet dream job market no matter what massa guvment says.

ebworthen's picture

Millions upon millions like myself NOT BEING COUNTED AS UNEMPLOYED ANYMORE EVEN THOUGH WE ARE.