Claims Print At 395K On Consensus Of 402K, To Be Revised Higher Next Week As FAA Layoffs Are Accounted For

Tyler Durden's picture

The noise that is the initial claims data presents just one question: will next week's upward revision bring today's 395K print to over 400K (yes, last week was revised higher as always from 400K to 402K, or 18 consecutive weekly 400K+ prints) thereby extending the stretch to 19 weeks in a row, or will we simply restart the count as next week sees another 410K plus print, which is very much disastrous for the economy. The one thing that BLS obvious glaringly forgot were the thousands of FAA employees that were fired, which will almost certainly be added to the rolls next week. Amusingly, in the state by state spread, not one state had an increase of more than 1000, while 10 states reported a decline of more than 1000, led by TN at -4,448 on "no comment." Indeed, same from us, suffice to say that those on EUCs continue to dwindle and drop by another 26K, down from 4,145,702 a year ago to just 3,158,312, a 1MM drop in Americans on 99 week claims who have now anniversaried their government benefits.

For those who want to laugh, here is the joke that is cumulative upward revisions to claims from the Bureau of Lies and Speculation.

And now back to apocalyptic headlines out of Europe.

h/t John Lohman

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Translational Lift's picture

Sheeple no longer buying the BLS BS!!

No Bid's picture

the good news is that with the recent market "volatility" [ie: massive selloff], more businesses will be hiring in the future!  the numbers are only going to get better, right?

SheepDog-One's picture

Companies now hire based upon low stock prices? Seems like the green shoots have come up poison sumac.

Bob's picture

The corporate media has installed Mr. Market as our official spokesperson for The Economy.  Even when the talking heads mention unemployment, inflation and such, that ticker is still front and center. 

OMG, the markets are falling!  What an epic failure on OUR part that must be. 

The actual--or should I say original theoretical--purpose of the capital markets has been lost to government-corporate propaganda and exploitation.

Mr. Market's ever present face has become more familiar than the flag. 

Of course, that does seem in keeping with whom we serve.

fuu's picture
99 weeks ago today was  09/17/2009
AcidRastaHead's picture

Mr. Market is looking more and more like those false prophets (not to mention false profits) that we're supposed to be weary of.

TruthInSunshine's picture
by Bob
on Thu, 08/11/2011 - 09:14
#1550374

 

The corporate media has installed Mr. Market as our official spokesperson for The Economy.  Even when the talking heads mention unemployment, inflation and such, that ticker is still front and center. 

OMG, the markets are falling!  What an epic failure on OUR part that must be. 

The actual--or should I say original theoretical--purpose of the capital markets has been lost to government-corporate propaganda and exploitation.

Mr. Market's ever present face has become more familiar than the flag. 

Of course, that does seem in keeping with whom we serve.

 

This is one of the leading factors as to why I'm uber bearish on the markets right now (along with more fundamental, value oriented reasons).

 

If a society's media holds out the hourly and daily flux and sway of the performance of equity markets (let alone concentrated and misleading indexes as the Dow) as some sort of litmus test for the health of "things" in general, that society is at the point of an absolute crash. It all reminds me of historical accounts of 1929 through 1932, when fortune tellers would publish daily commentary in some of America's most widely read newspapers as to how the stars and planets were lining up in reference to predictions about "stocks."
AcidRastaHead's picture

Those fortune tellers now regularly appear on CNBC, and we call them financial experts.

Smiddywesson's picture

The only numbers that matter anymore are the amount of debt the USG has, the Fed's balance sheet, and the price of gold.

We are not growing our way out of this one.  (or lying our way out either)

John Law Lives's picture

I don't believe many politicians (including Tea Party members) have the courage to make deep and meaningful cuts in Medicare and Social Security. Doing so would likely be political suicide, and politicians generally want to stay in power. It is unimaginable how the US could ever repay its debt.  Sadly, their desperate measures of crushing the US Dollar and piling on more debt are making things worse.

AcidRastaHead's picture

I'm beginning to think that they can only process a maximum of ~400K.  Layoff some the claims processors and lo and behold each week is relatively the same.

baby_BLYTHE's picture

amazing how we can lose 400k jobs every single week and still have a semi-functional society

SheepDog-One's picture

Yea somethings not right with this, it doesnt make any sense. I dont know how its even possible, around 400K every week. 

slovester's picture

Haven't you heard? The new treasonally adjusted figure for max initial claims below which signals total job growth in the US is 425K/week (even as the total labor force figure shrinks to levels not seen since the early '80s).  /sarc

On a serious note to Tyler(s) -- I didn't see you post anything about yesterdays monthly treasury statement which showed that the fiscal year 2011 topping a trillion (1.0999T) for the 3rd year running with 2 months left in the fiscal year to go:

http://www.fms.treas.gov/mts/mts0711.pdf

SheepDog-One's picture

And real sad when you consider anything slightly under 400K jobs lost is now considered GREAT NEWS! What?

John Law Lives's picture

The goalposts have been moved. I glanced through press releases from the previous decade, and weekly jobless claim levels of under 350,000 were considered to be a sign of a healthy labor market.

The goalposts have been moved by the liars in the MSM.

nate28jf's picture

I just read all of the reports as though they are coming from Baghdad Bob

Iriestx's picture

This is all the algos need to send us green to the moon. 

Manthong's picture

Gotta' hand it to him... he DID say that we would be fundamentally transformed when he took over.

SheepDog-One's picture

I dont get how they keep finding another 400K (+ -) people to fire every week!

warchopper's picture

That is a really good point. The average number of weeks people are unemployed is somewhere around 40?? plus. It makes sense that initial claims are dropping slightly because there are progressively less people to lay off. 

SheepDog-One's picture

I guess by the time we're 'only' losing 200K jobs a week, we'll be in economic BOOM times! More like 'ka-boom' times, but whatever.

MiningJunkie's picture

Did any of you wattch Jim Grant slap Leisman around this morning? Amazing what happens when a person of high-intellect interacts with those morons on Squawk Box (like Beckie Quickie who was cheering gold down like a high-school prom queen...)

SheepDog-One's picture

Becky Quick, more like the high school bathroom ho.

the not so mighty maximiza's picture

a ho with a bun in the oven, it would be sorta funny baby comes out looking like Warren Buffet

The Wolf's picture

thank god someone else slapped him down... gives Santelli a break...

SheepDog-One's picture

The ZH herd has been noticeably thinned since a couple weeks ago when many were saying 'Im all in here you better pile in too on the debt ceiling being raised we're certain for a moonshot upwards'...where is everyone?

John Law Lives's picture

If Robo and HarryWanger have taken a permanent hiatus, that is fine with me.

hardcleareye's picture

Hey I would miss Robo, just love to see him get bust on.  Miss the junks, I think they should bring them back.  The other thing, what the hell happen to spell check?  It took alittle bit of "readjusting" to get use to the changes, maybe other people were not so patient?

MichaelG's picture

My guess is due to the recent surge in traffic, what with Armageddon 'n' all, they needed to go back to a simpler interface to conserve bandwidth.

baby_BLYTHE's picture

I just noticed only yesterday that ZH had returned to it's former interface [minus] the 'junk' button

John Law Lives's picture

Those two were good for some comic relief.  Robo also used to post some nice photos from time to time.

I miss the junk button, although I got junked to death when I defended muni bonds.  Anarchists seem to hate munis...

I wish ZH had an ignore button, but they don't seem to agree.

If you toggle the spell check function (the icon "ABC" on the screen when you are creating a message) it should work.

Cdad's picture

Where is brother boiler?  Goldman out in force today downgrading the top components of the IYR.  And for once, I agree with Goldman.  Sell them as Euro capital flows into our markets this morning.

RIETs should continue down, market moves not withstanding.  The three year long run there is over, especially as everyone frets about deflation for the next month or so.

SheepDog-One's picture

In particular FED fretting about their own little microworld of 'deflation' in the banksters main holding, real estate and REIT's. They cant have that.

Deflation in any other area would be GOOD for us out here, deflation in gas, food, materials prices...and all any printing is good for is inflating what they need inflated, the bubbles on their books. Bring on deflation!

DonnieD's picture

Someone should go to prison based on that chart.

bmwm395's picture

es going green. find a spot to go short for the afternoon sell off.

John Law Lives's picture

Nobody believes the BLS.

On a side note, the monthly trade deficit for June came in at $53.1 Billion.  Wow.  Maybe the Free Traders can tell us all again why we need MORE free Trade agreements.  I guess they want to see every last bit of wealth stripped out of this country.

http://www.bloomberg.com/news/2011-08-11/trade-deficit-of-u-s-unexpected...

The US has run a net trade deficit (good and services combined) EVERY month since January of 1992.

SheepDog-One's picture

Right, but the eCONomists tell us trade deficits dont matter, we built this cool 75% Borrow and Consume economic model! Totaly failed... yes...but whatever!

John Law Lives's picture

The only solution to the world's various debt crises is more job creation, revenue collection, and reasonable spending levels.  There is no chance that printing more money will resolve global debt crises.  It is an act of desperation.

Withdrawn Sanction's picture

Imagine what the Treasury market would look like without those trade deficits being recycled through US capital markets every month. Not saying the free trade agreements are fair or well-designed or even a good idea; only that given we want to run huge fiscal deficits, someone's got to finance them and part of that finance comes from our foreign trading partners.

John Law Lives's picture

<<< given we want to run huge fiscal deficits... >>>

How depressing it is to acknowledge that...

Bob's picture

There's an argument that without offshoring jobs we wouldn't need to run those huge fiscal deficits.  The loss of decent paying working class jobs has resulted primarily in a massive shifting of income to the classes that pay a much lower tax rate, e.g., 15% on capital gains, and spend far, far less of their income on "consumption."

rsnoble's picture

Let me get this straight........someone said we lose 400k a week but we are gaining 405k week(just assumed numbers) so that's how we end up with 20k new jobs every month.  Is that true? 

MichaelG's picture

5k x 4 = 117,000, doesn't it?

pepperspray's picture

Yahoo Finance headlines today say this is the first sub 400k number in four months.. but do a search on news and they headlined the SAME THING July 28!!  Ministry of truth indeed.