Initial Jobless Claims Jump 21,000 To Biggest Miss In 3 Months

Tyler Durden's picture


With expectations set at multi-year cycle lows of 295k, the 311k print is a major disappointment (the biggest miss since early May) as initial jobless claims jumped 21k to the highest since June. Ithas now been 3 weeks without a new cycle low in claims - perhaps too early to call a trend change - but notably 31k off the lows in late July. Continuing claims also rose markedly, missing expectations for the 6th of the last 7 weeks.


Initial claims biggest miss in 3 months...


As continuing claims continue to leak higher and miss...


Charts: Bloomberg

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Thu, 08/14/2014 - 08:41 | 5091605 GetZeeGold
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Thu, 08/14/2014 - 08:44 | 5091630 Headbanger
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The top 10% just became the top 9%

Short martinis.

Thu, 08/14/2014 - 08:52 | 5091665 max2205
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Print bitch!

Thu, 08/14/2014 - 09:08 | 5091726 dontgoforit
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Recession, recession, recession.


Thu, 08/14/2014 - 09:32 | 5091851 Ban KKiller
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...Sax lesson?

Thu, 08/14/2014 - 09:41 | 5091894 Bossman1967
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With the article We have opened the gates of hell. This market,planet and all who are radioactively sensitive will perish what difference does it all mean? I really don't know what the fuck to believe anymore if Fukushima is that bad why aren't they throwing everything they have at it? Headlines should read bend over stick your head between your legs and kiss your ass goodbye! Enjoy what time we have left a shit storm is brewing and seems nothing can be done

Thu, 08/14/2014 - 09:18 | 5091784 Cattender
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Yawn.. how long till the Dow is back over 17,000? will this news make it happen Today?

Thu, 08/14/2014 - 10:46 | 5092177 Rouge Trader
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Wake me up from this nightmare. Blows my mind how everything can be up today. And tomorrow is options expiration, more pumping till the close as algos go insane again. 
But next week could be that down week we have been waiting for.  

Thu, 08/14/2014 - 08:43 | 5091606 firstdivision
firstdivision's picture

but, but, but JOLTS said.....

The sad part of the JOLTS is that it doesn't look at wage, just whether there is a job posting or not.  Nevermind that the job pays less than welfare.  We've crossed the Rubicon of paying people a living wage vs population being able to afford the products.  The negative feedback loop has accelerated.


Thu, 08/14/2014 - 08:42 | 5091619 thatthingcanfly
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It's clear that they forgot to count all those looters in St. Louis as employed. Hell, if the Italians can count prostitutes and drug dealers...

Thu, 08/14/2014 - 09:19 | 5091785 JamesH
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Thu, 08/14/2014 - 10:11 | 5092022 eclectic syncretist
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Looks like Ferguson needs some store greeters for all those looters.

Thu, 08/14/2014 - 08:42 | 5091624 Tenshin Headache
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Eventually the world will figure out that Fed "largesse" is actually *causing* these problems.

Thu, 08/14/2014 - 08:43 | 5091625 papaswamp
papaswamp's picture

bottom Bitchez..

So for you geniuses out there. Has anyone tracked the number of jobs that qualify for UI? My question being, has the number of jobs that qualify for UI been dropping or rising or staying the same? This could massively influence the numbers obviously. Im wondering if the downtrend is more a result of an increase in PT jobs that maybe dont qualify. In some states it appears one must work a certain amount of time and/or hours to be able to make a claim.

Thu, 08/14/2014 - 08:59 | 5091699 Wahine
Wahine's picture

Plenty of temp contracts and other ways to get around that too.  I just got a job earlier this year - 90 day probation period with no benefits.  90 days later, I got a "promotion" a new job title and another 90 day probation period.  At this rate, i'll be a CEO without health insurance by the end of next year.

Thu, 08/14/2014 - 09:45 | 5091914 Bossman1967
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There are so many health insurance agents not working 4.5 million I understand and we are all self employed what are the real numbers. I sold my business and am not enjoying the show. Taking over the health ins companies and this silly will mean disaster. Hope everyone loves there insurance and can pay next years premiums. Socialism is here communism knocking at the door

Thu, 08/14/2014 - 08:44 | 5091626 de3de8
de3de8's picture

No worries, 0% for 72 and 1000 cash back. All will be back to work soon.

Thu, 08/14/2014 - 08:48 | 5091646 thatthingcanfly
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No doubt. When I "bought" my Kubota L3800 a couple years back, I took their 0% for 60 financing deal. I told the salesman I wanted to put 10% down. He responded, with a puzzled look, "Why would you want to do that?"

Thu, 08/14/2014 - 08:45 | 5091632 Eyeroller
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Bullish!  This means interest rate rises will be later rather than sooner!

Thu, 08/14/2014 - 08:47 | 5091642 Squid Viscous
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Get to work, Mr. Yellen

Thu, 08/14/2014 - 08:47 | 5091643 wmbz
wmbz's picture

This is most certainly better than expected very bullish!

Thu, 08/14/2014 - 08:49 | 5091652 Dr. Engali
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It's all John Chambers' fault, the greedy bastard.

Thu, 08/14/2014 - 08:50 | 5091655 toros
toros's picture

Lots of take out pizza orders - long GRUB

Thu, 08/14/2014 - 08:53 | 5091667 americanspirit
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It's the drought.

Thu, 08/14/2014 - 08:59 | 5091695 Eyeroller
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It's the floods.

Thu, 08/14/2014 - 09:11 | 5091745 dontgoforit
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It's the riots.

Thu, 08/14/2014 - 09:18 | 5091777 CheapBastard
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It's the radiation.

Thu, 08/14/2014 - 09:40 | 5091889 GetZeeGold
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We brought the pestilence to Atlanta.....cause we're that freakin good!

Thu, 08/14/2014 - 10:16 | 5092046 eclectic syncretist
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It's the counterfeiting

Thu, 08/14/2014 - 10:20 | 5092060 kw2012
kw2012's picture

Too few sunspots

Thu, 08/14/2014 - 10:18 | 5092056 kw2012
kw2012's picture

It's the return of the polar vortex

Thu, 08/14/2014 - 08:55 | 5091681 Ban KKiller
Ban KKiller's picture

Less debt means you get to work less. Subversive when combined with self reliance. Banksters hate that...Fuck them!

Hamptons have Ebola cooties from butt fucked bankers. 

Thu, 08/14/2014 - 08:55 | 5091685 replaceme
replaceme's picture

Summer of Recovery, bitches.

Thu, 08/14/2014 - 09:03 | 5091709 wearef_ckedwith...
wearef_ckedwithnohope's picture

The independent contractors who took this arrangement with companies in order to get jobs are not entitled to UI benefits based on this "service".

Every time you read an article talking about collateral damage from "true-employee" layoffs - remember this.

Microsoft 18,000 ;  Cisco 8000, etc.  Gov't doesn't really account for independent contractors working by themselves as they are considered to be self employed and do not pay UI taxes to base any unemployment claim on.

Thu, 08/14/2014 - 09:26 | 5091825 replaceme
replaceme's picture

You're right, a lot of big companies work that way - NCR, Teradata, HP, etc - all staffed with 3rd party and private contractors working for corporate managers.   Not always the first to go, but on the short list.

Thu, 08/14/2014 - 10:08 | 5092006 Hohum
Hohum's picture

Not seasonally adjusted claims down 14K year over year. Yawn indeed.

Thu, 08/14/2014 - 10:48 | 5092189 oklaboy
oklaboy's picture

it's been the "new normal" for so long it is now the "old normal"

Thu, 08/14/2014 - 10:50 | 5092196 therearetoomany...
therearetoomanyidiots's picture

I don't understand the pessimism on this site.   I was watching fox news this morning and they told me this was a good sign, because wages were higher which meant companies couldn't hire as many people, a good sign indeed.   I trust fox news over CNBC...cuz CNBC is the bad guys...right?!?!

Thu, 08/14/2014 - 20:27 | 5095050 MeelionDollerBogus
MeelionDollerBogus's picture

Great news! This can increase government spending to pay the unemployed, they can spend it all at Walmart & this will boost GDP from 2 components of that ever-reliable equation!
We're saved!

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