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Initial Jobless Claims Drop Back Under 300k; Continuing Claims Lowest Since June 2007
Following last week's surge back over the 300k Maginot Line, the Labor Department print this week is 298k (sigh of relief heard around the world). This is also the week that BLS surveys for the Augsut NFP print. Continuing claims fell once again to 2.500 million - the lowest print since June 2007. So great news... that explains why stocks are fading modestly off the highs in reaction.
Initial Claims back under 300k...
As Continuing Claims drops to 2.500million - its lowest since June 2007...
From the DOL:
There were no special factors impacting this week's initial claims. The advance seasonally adjusted insured unemployment rate was 1.9 percent for the week ending August 9, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending August 9 was 2,500,000, a decrease of 49,000 from the previous week's revised level. This is the lowest level for insured unemployment since June 16, 2007 when it was 2,453,000. The previous week's level was revised up 5,000 from 2,544,000 to 2,549,000. The 4-week moving average was 2,527,500, a decrease of 2,000 from the previous week's revised average. The previous week's average was revised up by 1,250 from 2,528,250 to 2,529,500.
Those curious about the unadjusted claims, even as one after another company rushes to report mass layoffs whether due to M&A or the 'recovery', here it is: "The advance number of actual initial claims under state programs, unadjusted, totaled 248,759 in the week ending August 16, a decrease of 20,709 (or -7.7 percent) from the previous week. The seasonal factors had expected a decrease of 9,357 (or -3.5 percent) from the previous week. There were 281,164 initial claims in the comparable week in 2013."
And the full breakdown:
Chart: Bloomberg
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this changes nothing. More meaningless numbers from pointless institutions. The fed will spew their bullshit upto the point at which something matters, then the shit will hit the fan.
Do these numbers even matter anymore when the overall unemployment is so low?
A 5% unemployment rate is the perfect score a economy can have and America is pretty close to that number.
No. The numbers don't matter. They can always revise them in 6 months to a year when our short term attention span society has already moved on to the next tabloid story.
Thankfully no one should be on welfare soon.
We have 49,000 moar new non-citizens who have just disappeared out of the employment system and found their way onto the welfare system...... bullish.
Pump out those increasing US treasuries so the Federal Reserve can buy them and throw them off-balance sheet.
Mark to fantasy may work for years but it's not infinite.
In the meantime more jobs that were here are now off-shored.
Yellen's job must be a bit stressful at this point. What do you do after you've painted yourself into a corner? Keep printing = currency collapse. Stop printing = stock market collapse.
This, of course, assumes she cares about the job she's doing. If she's a true opportunist, she'll buy long dated put options then intentionally crash the market.
Yellen's job must be a bit stressful at this point.
Between the seafood buffets and limo rides......I suppose so.
And the child sacrifices, and drinking the goats blood. And listening to Ben Bernanke cracking wise about how "he sure showed that Ron Paul".
Yep, sounds shitty to me.
That's fine.....just as long as we don't have to hear one of Lagarde's numerology talks again.
NSD was thinking the same thing with like 90 million out of the workforce doesn't that limit the ability of the initial claims to keep climbing? Did see vs. last year +18K more YOY. Oh well lets knock down gold some more....LOL Seeing the propaganda from yesterday just further confirms the desperation and lies.
And how many people either have had their new McJobs for only a few months - or are part-time or earn minimum wage only - and so CAN'T make one of these "initial claims"?
And how many are now hiding in school, living in dad's basement, self-employed, semi-retired or under-the-table employed?
Gradually "inital claims" become more and more meaningless to the real world...
Wow, what charts! Coming off the worst financial crisis in history, our recovery looks like it was engineered from the lord on high himself!
Do people actually have the gall to site this pos data on a professional basis?
Here's a 14 trillion dollar bill.....go buy some stocks with it.
And here is the end result of manipulating the shit out of every metric available: pretty soon it starts to look good, but is utterly detached from the underlying reality.
Be careful what you wish (or count selectively) for Fed motherfuckers. This never has, and never will, end well.
Government handing out disability like candy. It's before the Nov election. Don't want to upset the masses.
You can have your section 8, Obmama phone, EBT card, free healthcare too, even if your an illegal. Justvote in November for Barry's party.
Ever see an animal with one head and two bodies?
It does not live.
Will the idiot u.s. populace ever realize that jooz call the shots at the highest levels of government, and their loyalty isnt for the sustainability of america but strictly for the agendas of zion? So much policy is senseless these days and NOT AT ALL in the best interests of our country. Major red flag.
I have an awesome way for the fed to become solvent again. Give 1 trillion dollars to JP Morgan then have JP Morgan buy 1 trillion dollars worth of shit on the fed balance sheet. Once the money is back in the fed's hands, the money can be destroyed (or given to close friends). Doing this would clean up the fed's balance sheet so it's no longer leveraged an absurd amount. It's effectively the same as filing for bankruptcy and wiping debts off the balance sheet, but it can be done under the table without causing a dollar panic.
how is BLS gonna put spit shiine on all the AC casino jobs- uh, they voluntarily left when the doors were locked, so they don't count!!! WHEW! NAILED IT!
Jobless claims are decreasing.
But the number of people receiving social welfare payments from the country is increasing.
Computer says no.
2+2=5