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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GetZeeGold's picture

 

 

 

YES WE CAN!!!

Headbanger's picture

The top 10% just became the top 9%

Short martinis.

dontgoforit's picture

Recession, recession, recession.

Depression.

Bossman1967's picture

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

Cattender's picture

Yawn.. how long till the Dow is back over 17,000? will this news make it happen Today?

Rouge Trader's picture

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.  

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.

 

thatthingcanfly's picture

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...

eclectic syncretist's picture

Looks like Ferguson needs some store greeters for all those looters.

Tenshin Headache's picture

Eventually the world will figure out that Fed "largesse" is actually *causing* these problems.

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.

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.

Bossman1967's picture

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 healthcare.gov will mean disaster. Hope everyone loves there insurance and can pay next years premiums. Socialism is here communism knocking at the door

de3de8's picture

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

thatthingcanfly's picture

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?"

Eyeroller's picture

Bullish!  This means interest rate rises will be later rather than sooner!

Squid Viscous's picture

Get to work, Mr. Yellen

wmbz's picture

This is most certainly better than expected very bullish!

Dr. Engali's picture

It's all John Chambers' fault, the greedy bastard.

toros's picture

Lots of take out pizza orders - long GRUB

GetZeeGold's picture

 

 

We brought the pestilence to Atlanta.....cause we're that freakin good!

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. 

replaceme's picture

Summer of Recovery, bitches.

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.

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.

Hohum's picture

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

oklaboy's picture

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

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?!?!

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!