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Layoffs Surge 17.6% YoY, Shale State Joblessness Soars, Initial Jobless Claims Rise

Tyler Durden's picture




 

It all makes perfect sense. Challenger announced this morning that layoffs in January soard 17.6% year-over-year with planned job cuts at the highest level in almost 2 years... Jobless claims in Shale states continues to trend higher as oil prices collapse... but initial jobless claims beat expectations - hovering near cycle lows - though did rise modestly WoW.

 

Jobless Claims in Shale States continues to trend higher... (this data is lagged a week)

 

Job Cuts announced soars over 17% YoY...

 

The number of planned layoffs by U.S. employers rose to a nearly two-year high in January as the energy industry slashed jobs in the face of falling oil prices, according to a report by Challenger, Gray & Christmas. Employers planned to let go 53,041 jobs in January, up 63 percent from the 32,640 layoffs announced the previous month. Total job reductions last month were the highest since February 2013.

 

And Jobless claims rose modestly but is hovering near multi-year cycle lows...

 

Charts: Bloomberg

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Thu, 02/05/2015 - 09:44 | 5746763 Cognitive Dissonance
Cognitive Dissonance's picture

Sooooo....bullish?

Thu, 02/05/2015 - 09:44 | 5746770 Haus-Targaryen
Haus-Targaryen's picture

Recovery

Thu, 02/05/2015 - 09:48 | 5746789 mayhem_korner
mayhem_korner's picture

 

 

Deferred recovery.  Just keeping powder dry.  8D

Thu, 02/05/2015 - 09:50 | 5746797 TruthInSunshine
TruthInSunshine's picture

Extremely bullish.

Savings from reduced headcount can be collateralized at 1,000x leverage & used to buy back shares.

Thu, 02/05/2015 - 09:51 | 5746804 GetZeeGold
GetZeeGold's picture

 

 

A couple 29.5 hr/wk jobs.....pay the healthcare fine....no problem.

Thu, 02/05/2015 - 10:21 | 5746990 lordylord
lordylord's picture

I bet the unemployment rate still drops.  As an Obamabot would say, we're in a recovery and Obama saved the economy.  Forward! 

Thu, 02/05/2015 - 09:52 | 5746812 LawsofPhysics
LawsofPhysics's picture

^^^this.

Thu, 02/05/2015 - 10:19 | 5746985 847328_3527
847328_3527's picture
Southern California Edison IT workers 'beyond furious' over H-1B replacements

 

Information technology workers at Southern California Edison (SCE) are being laid off and replaced by workers from India. Some employees are training their H-1B visa holding replacements, and many have already lost their jobs.

 

http://www.computerworld.com/article/2879083/southern-california-edison-...

 

When Barry promised to 'create' jobs he didn't specify jobs for Merikans.

Thu, 02/05/2015 - 10:45 | 5747123 Dragon HAwk
Dragon HAwk's picture

I was asked to train my replacement one time.. I handed the guy the keys, said, Here this turns it on.. and walked  out. right in front of the Boss.

Thu, 02/05/2015 - 13:55 | 5748039 A Nanny Moose
A Nanny Moose's picture

What could he possibly do? Fire you?

Thu, 02/05/2015 - 16:46 | 5748992 Occams_Chainsaw
Occams_Chainsaw's picture

They try to hold you hostage to train your replacement by offering a severence and if you walk off the job you quit so you don't get UE.  Given the nature of the job market though you can just go broke now or in 6 months.  Same end point but different timing.

Thu, 02/05/2015 - 10:48 | 5747138 TeethVillage88s
TeethVillage88s's picture

- Borders Still Open & Free (Slave) Trade in force

- JEB JOLTS RACE WITH IMMIGRATION STAND...
- Past Bush Comments Shock Conservatives:
- 'Not possible' to 'completely control border'...
- 'Repopulate' Detroit with immigrants...
- 'Ridiculous' not to give 'accelerated citizenship' to young illegals...
- FLASHBACK: 1 in 5 jobs now held by foreign workers...
- American tech employees forced to train immigrants hired to replace them...

Thu, 02/05/2015 - 10:51 | 5747155 replaceme
replaceme's picture

That's just SOP - I worked at a Fortune 500 that outsourced much of its IT in the early 2000s.. You met your replacement, showed him the ropes, and then you left.  That was just the deal - you didn't like it, you left early.  Some folks did, most wanted the money and time to look for a new job.

To their credit, none of the replacements were told they were taking those jobs - they all thought the company was doing so well that they needed the additional workers. Most were pretty shocked that their new company would do such a thing.  Welcome to the bigs, guys.

Thu, 02/05/2015 - 11:28 | 5747309 Handful of Dust
Handful of Dust's picture

"Rebalancing the work force" is what they call it. Moar money at the top and lower pay for the immigrants many of whom are just happy to be out of the chaos back home and will work for peanuts.

 

Luckily, Barry has created alot of Fast Food counter jobs for those merikans laid off. Those with college degrees migth even start higher, like at the drive-thru window at McDs.

Thu, 02/05/2015 - 14:00 | 5748061 A Nanny Moose
A Nanny Moose's picture

The push to raise min wage works in direct opposition to all those "job" gains.

Thu, 02/05/2015 - 16:44 | 5748982 Occams_Chainsaw
Occams_Chainsaw's picture

This has been going on for years.  I've trained several replacments (who just got out of school, hopped a boat to here and did not have much up on a wet brick).  Being they were too green to know anything I trained them wrong then they went back to India and fucked everything up.  Guess who they came running to to take back the work?

Thu, 02/05/2015 - 09:45 | 5746774 DavidC
DavidC's picture

CD,
Probably!

DavidC

Thu, 02/05/2015 - 09:48 | 5746783 buzzsaw99
buzzsaw99's picture

damn right it's bullish. CEO BONUS TIME!

Thu, 02/05/2015 - 09:50 | 5746786 LawsofPhysics
LawsofPhysics's picture

Yes, for honest money and an honest day's work.  Remember necessity is the mother of invention, so bullish for innovation as well.

Thu, 02/05/2015 - 09:52 | 5746810 Cognitive Dissonance
Cognitive Dissonance's picture

I get your point.

Unfortunately in a corrupt system honesty not only doesn't pay, but it can be detrimental to your survival. And this is exactly what the sociopaths wish to see. Corruption at the top can only survive for long if the disease spreads to the bottom.

Thu, 02/05/2015 - 09:55 | 5746822 LawsofPhysics
LawsofPhysics's picture

Be optimistic.  Right now, I see far more people on the outside of that corrupt system than on the inside.  I don't worry about sociopaths, there really isn't much difference between them and spoiled children.

Thu, 02/05/2015 - 09:58 | 5746854 Cognitive Dissonance
Cognitive Dissonance's picture

"Right now, I see far more people on the outside of that corrupt system than on the inside."

I do as well. Especially when you get out of the cities and into more rural areas where self sufficiency is more prevalent and even a way of life.

The real question is......which way is it (corruption) trending?

Thu, 02/05/2015 - 10:01 | 5746872 LawsofPhysics
LawsofPhysics's picture

No, the real question is "what can actually be sustained."   Taxes tha cannot be collected and laws that cannot be enforced are irrelevant.

Thu, 02/05/2015 - 10:26 | 5747019 Cognitive Dissonance
Cognitive Dissonance's picture

You are discussing the end game. Again, I get your point and I agree.

I am discussing the agony in the long middle.

Thu, 02/05/2015 - 10:38 | 5747090 NoVa
NoVa's picture

I get your point too.

Depends upon what region of the country though.  Here in NoVa or Washington MSA the majority of people (VAST MAJORITY) here are IN the corrupt system.  it is really sickening.  

I am the minority (actually moronity) for playing by the rules - work hard, expect to be reward for results, etc...  But it is my conscience and choice - I live by the ethical rules.  

We (the Mrs and I) have some good friends like us and a few neighbors like us - but that's about it.  Co-workers, people at the store or gym - one can easily tell that they are Milkers and Gamers.  

We are outta here in 2 years or less.  Our plan is to sell our real estate into the new POTUS and CONgress administration when they relocate all their cronnies to this area for political appointments - Deputy Secretaries, Associate Deputies, etc....  Fortunately, we live in a desirable neighborhood and will get a premium price for our McMansion - then outta here and back to normal life style.  I promise - we will not take this metro cancer with us wherever we end up.

Good Luck -

NoVa

 

 

Thu, 02/05/2015 - 13:56 | 5748044 Farmer Joe in B...
Farmer Joe in Brooklyn's picture

NoVa,

If you really want to stick it in the corrupt DC pricks' asses, you do a sale/leaseback on your house with a 2-year lease.  They buy it now at what is almost undoubtedly the top and you get to stay in the house while the value slides (or plummets) over the next couple of years.

Food for thought.

Thu, 02/05/2015 - 09:53 | 5746818 giovanni_f
giovanni_f's picture

But but. There is some temporary data sampling artefact but once these people drop out of the workforce population for good the unemployment rate will go even negative. Buy with both hands!

Thu, 02/05/2015 - 10:03 | 5746820 Dr. Engali
Dr. Engali's picture

Everything is bullish. When most of the world is on the verge of being vaporized due to WWIII the market will surge to astronomical new highs in anticipation of all the new construction. 

Thu, 02/05/2015 - 09:58 | 5746853 NoVa
NoVa's picture

Doubleplusgood

Doubleplusungood

 

Thu, 02/05/2015 - 09:47 | 5746772 Oldwood
Oldwood's picture

How many months does a person have to work before they requalify for unemployment benefits?

And can part time people qualify for benefits if laid off? I don't think so. If our economy has "recovered" due to predominantly part time jobs, and those released from these jobs do not count as unemployed, I would suggest that we have decoupled completely from any meaningful measure.

Thu, 02/05/2015 - 09:53 | 5746829 Cognitive Dissonance
Cognitive Dissonance's picture

You forget....the sociopaths can and will change the rules.

Thu, 02/05/2015 - 09:55 | 5746839 LawsofPhysics
LawsofPhysics's picture

Yes, and the faster they change the rules the quicker they become irrelevant.

Thu, 02/05/2015 - 09:58 | 5746864 Cognitive Dissonance
Cognitive Dissonance's picture

Thus the reason the system is not only distorted beyond reason, but the population is forced to become dependent upon the distorted system.

Captive....bound and gagged with no where to go works for the sociopaths.

Thu, 02/05/2015 - 10:02 | 5746878 LawsofPhysics
LawsofPhysics's picture

Bullshit.  Change is the only constant in life and that which cannot be sustained, won't be.

Thu, 02/05/2015 - 10:26 | 5747025 Cognitive Dissonance
Cognitive Dissonance's picture

Too funny. You talk end game while I talk the meat in the middle.

We are in agreement here LOF. We are simply speaking past each other to make our specific points.

Thu, 02/05/2015 - 10:42 | 5747108 Roscoe
Roscoe's picture

"Give me a long enough lever and I can move the earth." In laws of physics and economy, it seems leverage is everything (f1d1=f2d2). As long as the corrupt continue to possess unlimited leverage, their ability to move the financial earth is assured. I know you will contend it is unsustainable, and therefore irrelevant, but the corrupts' ability to maintain overwhelming leverage might likely outlast the currently living population's ability to endure. Isn't it therefore relevant to discuss the 'middle period' which, on our timeline, might encompass our lifetime's endgame? I'd like to triumph in my lifetime. 

Thu, 02/05/2015 - 11:00 | 5747203 Cognitive Dissonance
Cognitive Dissonance's picture

"Isn't it therefore relevant to discuss the 'middle period' which, on our timeline, might encompass our lifetime's endgame?"

In my opinion....Yes.

We do not know when it will end. We know for certain it is presently a reality. In order to cope we must accept it is what it is and deal with this reality.....even while we dream, plan and scheme for the inevitable end. These are not mutually exclusive actions, but rather needed in the proper proportion if we are to not only survive but possibly prosper in mind, spirit and body.

Thus the reason I began Two Ice Floes website. We must learn to live in two different worlds....at the same time.

Thu, 02/05/2015 - 09:55 | 5746843 Tsar Pointless
Tsar Pointless's picture

Speaking from experience, months worked has nothing to do with it. You have to earn a certain amount again from your new employer before you can requalify for UC benefits.

And, yes - part-time workers can still receive partial UC benefits, or even full benefits, depending upon how much they earn at their PT job. Generally, though, if you're working around 30 hours per week, chances are you won't be able to collect any UC benefits.

Thu, 02/05/2015 - 09:45 | 5746773 overmedicatedun...
overmedicatedundersexed's picture

well it's not the numbers ..it's what cnbc tells you the about the numbers..green shoots and low interest rates will cause stimulus stimulus ...some of us just laugh, every bad number is stimulus for the last 7 years..getting very old.

Thu, 02/05/2015 - 09:51 | 5746806 toady
toady's picture

Cnbc/MSM has to stick with the recovery meme at all costs.... Obama desperately doesn't want the next collapse to be on his watch. The next blowout is gonna be a big one!

Thu, 02/05/2015 - 10:14 | 5746958 A_latvian
A_latvian's picture

CNBC headline on EXACTLY the same data: 

Outlook improves as fewer Americans seek benefits

The number of Americans filing new claims for unemployment rose less than expected last week, a sign that the labor market continues to strengthen.                                          

Thu, 02/05/2015 - 09:46 | 5746780 JustObserving
JustObserving's picture

US crude oil imports averaged 7.980m b/d in Dec. compared to 6.296m b/d in Nov (ZH on Twitter)

Those shale oil jobs ain't coming back

Thu, 02/05/2015 - 09:48 | 5746781 Philo Beddoe
Philo Beddoe's picture

I layed off my assistant well over a year ago. I think I spend 10 an extra 10 minutes a day doing what she used to do. I saved an extra 2 hours a day not listening to her woe is me saga every fucking day. So, I am basically ahead 1 hour and 50 minutes a day and saving a salary. 

Thu, 02/05/2015 - 09:48 | 5746795 LawsofPhysics
LawsofPhysics's picture

You must work in an office.  I have internet in the cab of my tractor.  My "assistants" are out in the manure.  Good folks, I think I will keep them.

Thu, 02/05/2015 - 09:54 | 5746827 Philo Beddoe
Philo Beddoe's picture

I used to rent an office. Now, i work from home and make sales calls all day. Back in the day I was on the road all day...now everything is done over the net/ups.  I can work in my underwear when the AC goes down. 

 

Thu, 02/05/2015 - 09:58 | 5746856 LawsofPhysics
LawsofPhysics's picture

Amazing isn't it?  I can be "virtually" anywhere on our 35,000 acre operation with the click of a button.

I can take steers to auction in Chicago and do everything remotely now as well.  Starting to think that my son was right.  I said "plastics is the future", he said "no dad, robotics".

Thu, 02/05/2015 - 10:05 | 5746890 Philo Beddoe
Philo Beddoe's picture

That, and the truely productive can become more so.  Technology has done I fine job of exposing all the deadwood. Governement is another matter...for now. 

Thu, 02/05/2015 - 10:24 | 5747013 LawsofPhysics
LawsofPhysics's picture

In fact, most bankers, financiers, politicians, academics, and other useless paper-pushers are the deadwood.  Fuck em.

Thu, 02/05/2015 - 09:47 | 5746785 thismarketisrigged
thismarketisrigged's picture

of course the s&p is up 17 pts on futures this morning, i guess everything is fucking fixed.

 

isnt it amazing how yesterdays greek news was not announced until days end when they had done there pump, rather than when the ''market'' was down, and sure enough by todays open, everything is all good.

 

i want to fucking punch a banker in the face so fucking badly, i hate these fucks with a passion

Thu, 02/05/2015 - 09:51 | 5746802 mayhem_korner
mayhem_korner's picture

 

 

+1 for the "no ambiguity" closer

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