Initial Jobless Claims Plunge To 44 Year Lows

Tyler Durden's picture

While continuing claims continue to rise post-election...

 

Initial jobless claims have collapsed back to with 1k of the lowest levels since 1973.

  • *U.S. JOBLESS CLAIMS FALL 12,000 TO 234,000; EST. 249,000

While everything is awesome with this print, one wonders what happens next?

Which is more likely - higher or lower from here?

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FX223's picture

And what happened with btc just now?

Oh look!

Over there!

A squirrel!

StackShinyStuff's picture

LOWER!  Lower than a king...It's a TWO!  HIGHER!!!  Higher than a two...ANOTHER TWO!  Sorry you lose!!!!

CJgipper's picture

Down 100 to under 1k - BTFD

Theosebes Goodfellow's picture

"Dem books is cooked properlike!"

Down is up.

Bad is good.

And...

Low unemployment numbers because folks stopped looking.

Now tell yourself everything is fine.

Bigly's picture

Anyone in corporate America knows this is shit.  Lots cannot  laim anymore. Or are no longer f/t and are contractors.

If you are over educated, a cuck (i.e., non- threatening beta) and will work for 50% of your value, there is a job for you.

If no to any of the above, good luck to you

Raffie's picture

President Trump might be leery of telling the real unemployment numbers and uncook da books.

Japan approved Btc to be seen as regular tender this April, so get ready.

 

I have been job hunting for over 3mo and not finding anything.
When they do have a job opening it is 1 position and 10-20 people applying for it.
BUT it's just probably my imagination because every thing is fine per Yellen.

IridiumRebel's picture

Gov cheese and robots for all.

NotApplicable's picture

Eventually we're going to run out of jobs to lose.

Hal n back's picture

How many are now independent contractors who cannot file?

Not to mention that a lot of this is surveys and guesses like everything else coming out of govt.
Then we have the H1B workers.

Govt data is the biggest fake news of them all.

We used to laugh at the Soviet Union and China for doing this.

canisdirus's picture

I think these numbers indicate that we already have. 95+% of job postings today are fake, 95-100M US citizens cannot find employment, at least tens of millions underemployed in low-paid part-time work... Not to mention that about 1-in-10 workers in the country are here on various work visas.

Years ago I said that the initial jobless claims are bogus because they're based on UI claims - you can't make a claim if you're not a full-time worker that had been with your former employer long enough to make a claim, so you can exclude all contractors, temps, etc. There is barely anyone left in the labor pool that can actually make a claim when they lose a job, so until they change the rules on how they count unemployment (which they won't because it's bad press to admit that we're ~9-10 years into a depression with no signs of ever changing), these numbers will keep shrinking...

The funny thing is that back in the early 1970s when it last came in this low, the economy was actually in pretty good shape, but hidden in this number is that the total number of FTEs in the US hasn't been this low since before women entered the workforce.

swampmanlives's picture

That number includes people over 16 who may still be in school and your retired grandma. There was a zerohedge article that said the number is more like 23.5 million adults in prime working age who aren't employed, which is still a major problem.

 

Anyways, I'm starting to think that businesses are including automation and robots in their employment numbers, or "ghost" employees.

Arnold's picture

Bankers, brokers and retail management have accrued claim hours.

Medicos go back to work pretty quick.

Lordstown cobalt production has gone into retraining to offset loss of all of third shift and an intermitttant second.

Most don't have that one time luxury.

 

At the end of October Ford said that it planned to reduce its fourth quarter production in North America by 12.5 percent from the same period one year ago. It says it will schedule more temporary layoffs, including a two-week break at the Michigan Assembly plant in Wayne that builds the Focus and C-Max.

 

https://www.wsws.org/en/articles/2016/11/10/auto-n10.html

gatorengineer's picture

Whats the step past "Full Retard" my manual stopped at that point?

Bill of Rights's picture

We are laughing lol ..... worthless measurement even the market brushes it off unlike the past when it mattered now not so much since it's been proven to be a gamed report. Sort of like the VIX worthless.

_ConanTheLibertarian_'s picture

Everybody is already jobless.

Arnold's picture

Quality is Job 1.

The other two don't pay as much.

Davidduke2000's picture

I was hoping Trump would correct these fake numbers but I guess his handlers want to contnue the deception. looks like nothing have changed and the economy is in full collapse.

CJgipper's picture

Or maybe he's more concerned with working in the reality than cooking the books?

BigFatUglyBubble's picture

Obama 3rd term (with less brown people, maybe?) and Bush 5th term (Iran boogeyman instead of Iraq).  Business as usual. 

MD's picture

It will continue to drop to zero, until everyone is a serf working for their fantastically wealthy overlords.

Quinvarius's picture

The day we get an uptick in monetary velocity, it will represent 4 times more money moving than before the printing presses were turned on during the Obama administration.  That is how the math works in that equation.  That will be the inflation we were looking for.

Ben Bermonkey's picture

Lower, of course.
Awaiting greedly Mr. Fartmans Letter Comment, errously slightly akwardledly long with some err' refined mixed short stance.
Eating my stock markets meal, which is salted and sucred heavily at the same time.

Devils Advocate's picture

well if the labor force participation rate is back to 1970 levels, this should too, makes sense!  People just are not working. I see food stamps are still at record highs!

Skiprrrdog's picture

I have a stupid question: roughly 330 million people in the US, and some 95/100 million 'no longer in the work force'; WHO exactly is paying taxes to .gov?

canisdirus's picture

About 70M of that 330M are people outside the workforce age range, so the workforce is ~260M. Of that, about 1/3rd fall into the categories of: chronically unemployed, marginally attached, or similar.

Considering we're running 1+T dollar deficits annually at this point, not many. Most of these people are surviving on transfer payments from the government like food stamps, refundable credits, welfare, and other programs. The lower 1/2-2/3rds of the working population is, as well, depending on their location.

ajkreider's picture

What is the "dropped out of the workforce" rate for ZH comment board posters?