Another Upward Revision As Strike Factors Are Removed Leaves Initial Claims Posts Above 400k For The 20th Time Of Last 21
Following last week's somewhat twilight zone-like Verizon-strike-driven confusion, today's initial claims report (once again revised upwards) makes for 20 of the last 21 weeks above 400k and its highest (yet to be revised upwards) since 7/15. The four-week average, oft cited to smooth this revision-prone series, rose for the first time since 6/24. While initial claims was a very small beat of expectations (at 409k versus exp 410k), continuing claims (which was rather ubiquitously revised up once again) missed expectations by a rather wide margin coming at 3735k versus 3681k expected (though some will claim still a drop from last week's upwardly revised 3753k but let's just wait til next week's upward revision before we celebrate that). Extended and EUC ticked up just a little from 3637.8k to 3675.9k but remains more than 1.2mm lower than a year ago - still fewer comfortable consumers to spend.
Of course the market's newly re-programmed response of worse is better has kicked into high gear as ES drifts higher on weak economic data.
(4 votes)
»
- Login or register to post comments
- 8368 reads
- Printer-friendly version
- Send to friend
Similar Articles You Might Enjoy:
- Is It Ironic That This Is Labor Day?
- 10/7/10 Midnight Report: Market flat enough to be part of the itty bitty returns committee
- A Hedge Fund Insider Explains Why Retail Investors Should Flee The Stock Market
- And Now, For Some Semblance Of Sanity, Here Is One Hour Of Hugh Hendry
- Same Trick Different Week: "Initial Claims Decline Following Revision"; Deficit Surge Pushes Q1 GDP To 1.5%
Hate to be a pedant but incorrect of ubiquitous.
'Incorrect of ubiquitous'...whats that supposed to mean?
the lad has mad editor skilz. lololol
I try :-)
19 out of 20?
Are you implying that they're intentionally rigging the data to buy a little time each month, ZH?
How conspiratorial of you.
/sarc
Yes, it's an amazing COINCIDENCE that upward revisions are happening 95% of the time, isn't it?
Even if/though the BLS be filled with brain dead, flesh eating zombies, a statistical anomaly such as this is...statistically impossible.
Yep. It's not possible that it's not by design.
By the way, did you see what the set of CNBC will look like if there's no further QE, one day soon (replace 'words on teleprompter' with 'QE')?:
Squawk Box: CNBullShit
Cdad... Do you post at Tigerdroppings?
Nope.
Agreed, and well said although I think you're being very hard on flesh-eating zombies.
It all balances out. All the economic growth numbers, income and consumption numbers are revised down.
it means it's the wrong choice of word in this context
'Which was ubiquitously revised upwards'...-commonly or found everywhere-...I think its correct upward revisions are now ubiquitous.
your better bring a big mop and bucket if you intend to clean up after TD's daily slaughter of the written word.
It's not clean, but it's entertaining. TD's writing, that is.
agreud
This might help.
http://www.nineroses.com/pkd/ubikword.html
Just another troll pointing out errors whilst making them himself. Don't ya just love it?!?! ;-)
If you are going to edit, get it right...
ubiquitous
Wasn't that a Phillip K. Dick novel?
UBIK
http://www.nineroses.com/pkd/ubikword.html
reposted from above
Futures are already on vacation
Soviet style statistical games, Bitchez!
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
http://www.bloomberg.com/news/2011-09-01/jobless-claims-in-u-s-dropped-b...
does pedant mean asshole?
No it means pedant, asshole
Enough already...
The pedantic pederast palmed a pendant.
"Somebody who displays his or her knowledge ostentatiously" - is an asshole.
Some are assholes. Most are just anal.
SilverIsKing
Yes but how anal does one need to be to annul a marriage? Could it be done annually?
http://www.namespedia.com/index.php/Anal
Name: Anal
Gender: Masculine
Location: Asia
Language: Indian
Thematic: Unknown Thematic
Meaning: Anal means 'Agni' or fire in english
( So if we combine the Indian and the English meanings we get "Fire in the ass")
nobody cooks books like us...nobody
Although China is fighting champ in a close second place
They learned from the best - the U.S.. U.K. or Greece may come in 2nd. China has nothing to hide in some ways they just do whatever the F they want.
Dont worry, the Brainiac in Chief has it all figured out for the poor consumer to give them plenty more walkin around consumin money, just refi and sign a new mortgage, thus bailing out the bank since they cant produce a mortgage in the first place, and the 'consumer' who has been paying nothing suddenly has more money to spend on junk they dont need, by 1% or so.
The CNBC Clownhorn is practically popping champagne over all this so hell it all must be good.
It will fail like all the other programs. Their track record speaks for itself.
SheepDog-One
You want to explain just how a fucking figurehead is the one actually proposing policy? The way I see it he's just the organ grinders monkey, no racism intended, capering about to someone elses tune.
No doubt Obongo is just the banksters puppet...I just mean the illusion that its 'his policy'. Of course I dont hear him talking much about his pet solar panel company taken under his wing though.
SheepDog-One
This is what I don't get, Bush the lesser was singled out as an empty suit. And we now know Obama is. But some psychological quirk, still allows us to see Obama as a mover and a shaker.
Well, at least 90% of americans still believe the president is in charge of it all, so thats just what we have to deal with until the collapse of civilization.
White man's guilt, perhaps?
Excellent response sir. FTW.
Indeed, I'm sure part of Mr. Obama's new (that is to say old) "jobs plan" speech will be to implore Congress to allow the reductions in principal, to refinance at lower rates to once again use homes as ATM machines. Same plan as 2009, 2008, etc. They worked so well...
DAX imploding this morning, yet U.S. Retailers same store sales up again over last year
Proof that come hell or high water...
Nothing can stop the "Resilient Consumer"
Just go to the mall and ask the average Joe if he is aware of:
- Credit spreads blowing out
- Quote stuffing on the NYSE
- Whether or not QE3 is in the bag or not
- Interbank LIBOR yields skyrocketing
Chances are, the U.S. Consumer has never heard of any of the above.
And they are going to spend money no matter what, instead of sitting in a bunker hunkered down with gold and ammo, reading scroom-blogs all day,
The average consumer isn't paying their mortgage anymore, so they're buying extra ipads. This will work out well in the long run.
Maxed out credit cards from 'consumers' who pay -0- on their mortgage.
BTW hows your 'Im all in long big time here at DUH 12,700 for this huge debt ceiling resolution run up' workin out?
RoboTarder had a 14000 call on the Dow three months ago, and a Dow 36000 call (with Jim Glassman) back in 1999 (and again in 2007).
When we see 870 on the spooz (which we will), RoboTarder will make a brave and bold 1000 call on that.
up 85+ off the lows, RT. go back to bed! maybe you'll be right when you wake up?
average joe also thinks obama can still create jobs
"high paying middle class jobs"
because heaven forbid if you someone has a high paying upper class job. those jobs are bad and must be sacrificed
No, those jobs are bankster jobs, and are reserved.
pods
IMA5U
"because heaven forbid if you someone has a high paying upper class job. those jobs are bad and must be sacrificed"
Fucking eh, give up all those goddamne butler jobs. Who needs a gentlemans gentleman to dress them anymore or layout ones smoking jacket?
Sadly the French maids take a hit too. It's cold in those skimpy little outfits standing in the streets feather duster in hand begging for work.
You are aware that same stores sales are boosted when stores closed, right?
Johnny Lawrence
"You are aware that same stores sales are boosted when stores closed, right?"
So after 10 pm?
Nothing can stop the "Resilient Consumer"
Until they run out of credit cards, that is.
This is absolutely true.
If credit cards were taken away, SNAP would have to be expanded to cover 1 in 3.5 Americans, versus the current 1 in 7.
There'd be a revolution if credit card access was shut off for more than 3 to 6 weeks. A literal revolution.
"U.S. Retailers same store sales up again over last year"
When a US Retalier closes half their stores it's a pretty good bet that the remaining stores 'same store sales' will be up year over year.
Or when one of their competitors goes under - how may US Shopping Meccas (aka, malls) have both a B&N and a Borders? Well, you think Borders going under doesn't help B&N at those locations?
I know, Heaven Forbid! that logic and critical, rational thinking be used whenever we're discussing Mr. Market Mania.
All that matters is fields of greeeeen greeeeen the sheeple just love greeeeen pastures far as the eye can see. Baaaaah!
AH, details details Snidely....all MomoChaser needs is to see some green anywhere and he's happy, as long as the 'delete trade' key keeps working on his portfolio because the trades he's recently announced are huge losers.
SD1... Those green shoots that momo chaser continues to point out are bitter weed... a substance that you don't want your cows eating... and not good for smoking... um...speaking from experience.
..........same engineering of sales as corporate earnings propped by stock buybacks.
DAX imploding? I cant figure out what youre looking at or are you facing backwards and talking out of your ass as usual?
would those be the same scroom blogs youre reading robo?
bob dylan hit the charts w/ his birth death model: those who aren't busy being born are busy DIE-ing!
it's all right ma!
ma?
MA????? MA!!!!
Food Inflation seems to be ever inching higher....
http://economictimes.indiatimes.com/news/economy/policy/rbi-may-hike-rates-as-food-inflation-surges-to-10-05/articleshow/9822763.cms
I still cant believe that dollar printing in USA is responsible for vegetable price rise in INDIA..just how can they be related ...is it just because of the OIL factor...??
US is exporting inflation by printing fiat dollars.
We are still leader of the free world in one catagory...
Inflation Exports!
Not to be outdone in all catagories!
Laser focus, great job pinhead.
All is well, you can trade Options on Baidu. Full HFT Overload on the Options market. This is getting rather ridiculous. SEC still asleep....
How would they know? The mainstream media has yet to begin to tell them the truth.
My crystal 8 ball tells me that before erection '12, someone in DC gets their eye poked out. There will be so many jabbing, pointing fingers that goggles may be required. Reps blame dems, dems blame reps and TEA party, Barama blames reps, dems, FOX and TEA party, MSM blames...
All these heavy hitters retiring. Wonder if it is just old age?
Mellon Bank, Costco, Wendy's. Interesting. You notice by hanging out here not too much of the news is a surprise to us at Zero Hedge. Good way to stay safe IMO>
Gold basing nicely. Another week or so and chart looks better, gets a little tighter on the 200dma. No rush. This is taking time. And, we got that.
"Gold basing nicely" Yes it is... and in spite of severe attacks by the EE for the last 30 hours. Every dip being bought!
And the futures swing wildly green of course....have fun chasing your QEasy carrot on a stick rally, it will be one of the worlds most epic faceplants and who will be left holding the bag.
Futures rallying bc Europe a bit better, due to the ECB buying Italian and Spanish paper.
I for one am amused that the italians gave the ECB a giant FU on austerity and the ECB is forced to buy their paper (for the good of the union - tee hee).
I just think futures swung green because they switched on a computer.
I blame the snow.
So this ought to be good for - what? - +20 on the S&P today?
Some of the striking Verizon employees applied for, and got, unemployment payments while they were on strike.
Clearly, someones not eating their peas.
YoY Labor costs were up 3.3%, well above expectations of 2.3%.
Potential sign of wage inflation?
Riddle me this, what the fuck does Biden do in Cheney's high tech bunker all day? Watch Operah and Springer?
Cheney I can see as the spider in the midst of a hightech web, but Biden would be Curly Howard stumbling around breaking shit and sending missles flying to Orando.
https://hopperbach.files.wordpress.com/2008/09/biden_jester21.jpg
All the bunker electronics are still in place but the bunker has been unplugged...
Biden has one 13 in tv and an extension cord.
Snidley Whipsnae
"Biden has one 13 in tv and an extension cord."
That explains the earthquake.
STRIKING WORKERS ARE NOT ELIGABLE FOR UI!
Depends on the state.
Right to Work states, no.
and let's not forget that the 1 week out of 20 that printed below 400k...was 399k.
Between the jobless claims and the University of Michigan's Sentiment survey's correlation to GDP it's hard to see how this isn't our last chance to lighten up on equities ahead of next week's Bundesbank meeting.
http://blog.commodityandderivativeadv.com/2011/09/01/will-germany-kill-t...
Tylers...you all are so negative. You give the Bamster no credit for that week of 399K.
Bullish for stocks, rally, bitchez!!!
Nothing bad can happen with stocks when names like AXP have rallied $8 off the lows, already recovering 80% of its losses from last month.
MomoChaser, as long as your 'delete trade' button keeps working and you have plenty of Windex and towels on hand for those rear-view mirrors attached to your monitor, youll always be a star trader!