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Initial Claims Worse Than Expected (Again), Remain Flat For 2015
For the second week in a row, initial claims were worse than expected and increased year-to-date, While still below the magic 300k levels, claims printed 295k against expectations of 288k confirming the stagnation of the job market since the end of QE3 and the government's fiscal year. California and New York saw the biggest rise in initial claims with only Illinois seeing a drop; notably Texas saw layoffs across various sectors as it seems it ius not as 'diverse' as Richard Fisher propagandized. After 4 straight weeks of decline, continuing claims rose this week by the most in almost 3 months (but remains close to 15 year lows).
Jobless Claims have gone nowhere for 6 months...
State by State breakdown
Charts: Bloomberg
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Buy, Buy, Bye
Nobody left to layoff?
BULLISH!
Totally bullish.
Up is down, in is out.
Hey this is great news for Netflix...more people to stay home and watch mooooooovies....
It's a great time to hone your cooking skills.
If by staying home you mean pirating the WiFi while living behind the dumpster at McDonalds........
Exactly! This is also bullish for Fuckbook, as people can chat all day and night about what a great life they are having on the R'n'R, (dole, unemployment benefits).
Printing your way out of prosperity. It works I tells ya.
/sarc
Let's be honest though, how much did it really matter when claims were over 300k? Which of course is completely ignoring the number of new entrants to the economy in the last decade or so.
So, the Central Plansters want unemployment claims to go up, or down.....I can't tell which is 'good for stawks'. I'm guessing both are equally good for stawks, so why are they even bothering with reporting it?
"the stawk market it not the economy" . The "wealth" effect doesn't exist, its pablum for the muppets.
This is just "transitory". Plus a lot of folks are getting ready for summer vactions!
Meanwhile Obozo say....
"President Barack Obama is preparing to do what the U.S. economic recovery has been slow to accomplish: raise the wages of millions of Americans.
His administration is drafting new rules on who qualifies for overtime compensation, forcing more businesses to pay time-and-a-half after 40 hours of work. Many employees now earning as little as $23,660 a year -- below the federal poverty line for a family of four -- aren’t entitled to overtime pay because they are considered managers.
While Republicans in Congress have blocked proposals to raise the minimum wage, Obama can change the overtime rules through executive authority. Some officials at the Department of Labor are urging the president to lift the threshold as high as $51,000 before someone could be called an executive exempt from overtime. A group of 26 Democratic senators has asked him to push it even higher, to $56,680".
~ Clipped from the Yahooo commie news network
"raise the wages of millions of Americans."
Government forced inflation.
When every aspect of the economy is controlled it creates imbalances and eventually it blows up in their face.
*our face
What? Run out of bartenders?
Or bartenders got killed by police in droves?
Plus there are 10,000 baby-boomers/day retiring running up the deficits further.
Print money, problem solved.
By the way, Illinois went down by 1000 but that had nothing to do with reduced layoffs. Rather, the positions were eliminated due to 1000 people being murdered in the "gun free zone" of Shitcago and the roles were not replaced because all the qualified people are disappearing into those offline prisons they have there.
http://www.shadowstats.com/alternate_data/unemployment-charts LOL!
There is nsthing magic about the 300k level. Add 30% for part timers that have more than one job before losing a job, and you might have a good indicator of what is happening.
!. Profits in Total Dollars are down.
2. The bottom line drives hiring and firing.
3. Wall Street no longer cares about the bottom line.
4. They need you to not care as well.
5. Soon there will be enough QE out there that they will no longer even need you to be involved in the markets, if we are not there already.
Keep an eye on the great unemp charts by DShort (ZhD). They show unemp as scaled by the Civilian labor force, a better way to look at the data than just a body count.
The move down appears to have bottomed. At some point on the way up, it is Recession Time. ZooHoo!
http://www.advisorperspectives.com/dshort/commentaries/Unemployment-Clai...
Considering that jobs which qualify to make claims are disapeparing so fast, I am amazed that claims remain this high.
The U.S economy reminds me of the 19th century experments where scientist would simulate a corpse being alive by running various currents through the limbs to produce movement. Of course you could only do this for so long then the body started to break down and it didn't matter how much current you ran through it.