After One Month Respite, Pink Slips Are Flying Again

Tyler Durden's picture

Following 4 weeks of supposed improvements in the labor picture courtesy of declining initial jobless claims, even as we all know too well that Wall Street has been firing thousands and thousands of highly paid bankers and CNBC talking heads left and right (are bankers too good for that $400/week paycheck from Uncle Sam?) today initial claims for the week ended December 24 once again resumed their drift higher, printing at 381k, up 15k from the perpetually upward revised prior week total of 366K (previously 364K). And as usual, the Seasonal Adjustment process smoothed out a whooping jump in actual terminations of 69k, which rose from 421K to 490K. Continuing claims also rose by 34K, from 3567K (upwardly revised, duh) to 3601K. Finally, those on EUCs and Extended Benefits once again saw a net drop off from the 99 week cliff as more and more people fall out out of the workforce in perpetuity following 2 years of being unable to find a job. The total amount of jobless on extended claims is now down by 1 million from a year ago, down from 4.5 million to 3.5 million, and dropping. We for one, can't wait to hear what the media spin will be next month when employers put the pinkslipmobile on turbo boost next month and fire all those temp workers they has been stockpiling to help with the EOY inventory liquidations, and we get another 400K claims print.

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Clam McCain's picture

Monthly MACD on gold is about to turn negative. Time to dump your gold gents before this gets uglier



DougM's picture

bu.. bu.. bu... but hyperinflation?!

ZeroPower's picture

See this is why people shouldnt invest based on comments here. Dump gold and "invest" in what... silver? Even bigger lol than a GRE 1yr CDS.

Max Fischer's picture



So......Soros and Roubini were right?

Max Fischer, Civis Mundi

fuu's picture

Oh stfu mathman.

In other news:

99 weeks ago today was  02/04/2010
GeneMarchbanks's picture

Good point. Silver is almost as useless as your commentary.

Also, hyper-hypothecation has nothing to do with this... at all.

pine_marten's picture

There is no safe harbor for wealth.  Cash in the gun safe slowly inflating away.

Spooky Polish's picture

hyper what ? 


lets do not talk about hyperinf(uck)lation , and then it won't happen. 


just like some politicians i know ... 


excuse my eng. 

Eireann go Brach's picture

If I ever seen an ex banker pan handling on the street, I would let my 6 year old boy kick him right in the fucking teeth and steal his can of coins!

aerojet's picture

Maybe for some ex-CEO fuckwad, but many of the people who work in those places are just like you or me.  They're responding to the incentives that were laid out before them, too.  Their families will suffer.  It's just that I have a hard time believing anyone making $450K or more, even in NYC, couldn't set a little aside for a rainy day.  The bonuses were huge.  It was up to them to blow it on a yacht or sports car or other wasteful trappings.  I know, fast women, fast cars, blow, yeah, yeah.  This country needs more Quakers and fewer assholes.

Freddie's picture

Look Seamus - if you were a real man you would beat the living hell out of that tax xheat Bono Hewison aka f**ktard.

Dr. Engali's picture

Funny thing about technicals. They always work until they don't.

firstdivision's picture

Your MACD indicator is so perfect that I bet you have like trillions of dollars from always being on the right side of the trade.

Tyler Durden's picture

Paper gold is overdue for a major washout (especially coupled with year end liquidations by shuttering hedge funds) as was expected when we observed the gold rehypothecation horror stories courtesy of MF Global. Hopefully what this does is to force people to leave such abstract gold comps as GLD and actually buy the real thing.

GeneMarchbanks's picture

Fuckin' Celente...

'Twas bound to happen sooner or later.

SheepDog-One's picture

Celente doesnt know so much. After all, he did get ass raped in MF GLobal.

Killtruck's picture

By not counting on it happening? Even though it has never ever ever ever happened before in the history of the commodities exchange?

So if I walk out of my house and get creampuffed by an asteroid, you're going to say I was an idiot for leaving my house. Nice to know.

SheepDog-One's picture

You miss the point entirely, for all of Celentes 'White shoe gangsters on Wall St' talk, he got robbed by the 'White shoe gangsters on Wall St'!

Killtruck's picture

Yeah, I get it...and he wasn't making moves that I would make myself or recommend to anyone. But when you're still under the impression that you're safe (which everyone thought, but we NOW know you're not), "armchair quarterbacking" him today and saying he doesn't know much is kinda weak. Just because he got robbed doesn't mean he isn't a sharp guy. That's all.  

rosiescenario's picture

You lie down with dogs, you get fleeced.....

mick_richfield's picture

In light of MFG, I honestly don't know why the COMEX price of silver and gold are not already at zero, and with zero volume. 

I am not a professional trader, but I would have thought that when people saw in the Fine Print where it says "if it looks like you are going to win, we will rape you, and murder you, and rape you"-- it seems like that would be off-putting.

Freddie's picture

Tyler(s) - do you have a list of hedge funds that are closing down?  Paulson?  Whitney Tilson?

scatterbrains's picture

yes everyone please dump your gold! 

Boston's picture

And let's not forget platinum. Lowest price since 2009.

But good luck getting your hands on physical. Every big dealer I follow is "out of stock".

Boston's picture

Thanks. I'm looking for 1oz. Eagles and Maples. Everyone is literally sold out, just as the price collapses.

SheepDog-One's picture

If youre dumping your gold for fiat dollars due to a 'MACD indicator', then you really are a clueless moron and didnt know why you should buy and hold gold for the very long term in the first place.

Dr. Engali's picture

On this day I am thankful for weak hands, as I will be picking up more.

aerojet's picture

What if the Euro collapses and the DX flies back to 120?  What then?  This whole Euro trying to become a reserve currency may be ending, so how does that affect your planning?

Clam McCain's picture

fundamentals also work - till they dont.

lolmao500's picture

1 million more in tent cities I suspect?

Desert Irish's picture

And wait for it 3...2...1  and here's the spin....

"Jobless Claims in U.S. Hit Three-Year Low in Past Month" - Bloomberg

chunga's picture

"Jobless claims rise, but labor market healing" - Reuters. December 29, 2011 9:30 EST

mick_richfield's picture

Reuters a year from now -- Dec 21, 2012

"Immense solar flares scour life from much of planet.  Jobless claims fall to 5-year low."

I thought we should start writing these news stories now...



chunga's picture shoots everywhere.

"Contract signings for US homes up in November" AP - December 29, 2011

SheepDog-One's picture

'Healing'...LOL. What can you even say? The corpse of the terminal cancer patient is deemed to be HEALING?


chunga's picture

Is "Abnormalcy Bias" finally setting in?

Fill this thing out and send it in to the Department of Absurdities...

tOO BiG To fAiL LOan MOdIFiCATioN FOrm r.1.A.002.B.XXXX

unnamed enemy's picture

i noticed the same headline this morning, i LOLed, but then it made me sad. 

spastic_colon's picture

and of course the ever popular........

By Christopher S. Rugaber, AP WASHINGTON - "The number of people seeking unemployment benefits rose last week after three straight weeks of declines to a level consistent with a modest pick-up in hiring."                                                                                                                                                                                                                                                       huh....wha? that latin?
rosiescenario's picture

....formerly worked as a reporter for Pravda....

Irish66's picture

Fortune 500's will start announcing layoff's due to uncertainty in Europo

Mosaic's announcement last night started the spin

Dick Darlington's picture

And this is how they spin it in BBG:

Jobless Claims in U.S. Drop to Three-Year Low in Past Month

 Dec. 29 (Bloomberg) -- Fewer Americans filed applications
for unemployment benefits over the past month than at any time
in the past three years, a sign the U.S. labor market is on the
mend heading into the new year.
     The four-week moving average for claims, a less volatile
measure than the weekly figures, dropped to 375,000 last week,
the lowest level since June 2008, Labor Department figures
showed today in Washington. Applications rose for the first time
in a month in the week ended Dec. 24, climbing by a more-than-
forecast 15,000 to 381,000.
     The jump in claims last week may say more about their
volatility during this time of year than about the state of the
job market, according to economists like Eric Green. Their
recent decline has stoked speculation the world’s largest
economy was on the cusp of showing bigger gains in employment.
     “The labor market is improving,” said Green, chief
market economist at TD Securities Inc. in New York. “You
should expect to see stronger payroll numbers going forward.”
     Stock-index futures held earlier gains after the report.
The contract on the Standard & Poor’s 500 Index maturing in
March climbed 0.3 percent to 1,247.9 at 8:40 a.m. in New York.

Irish66's picture

we are all going to Sears and Kmart and help them keep the doors open

Dr. Engali's picture

I wonder how many more retailers will announce store closings after the end of the year? Better redeem those gift cards fast.

Cdad's picture

We for one, can't wait to hear what the media spin will be next month when employers put the pinkslipmobile on turbo boost...

They'll probably say what they said this morning on the BlowHorn [CNBC] regarding this mornings missed claims print:  "Good enough."  M. Cabrarra.

SheepDog-One's picture

Right, if jobs print at -600K next week, they'll just say its good. Why not? No one will do jack shit about it anyway, sympathy and admiration for their captors in Stockholm Syndrome 'Merica.