Initial Claims Miss Big, People Falling Off Extended Claims Soar To 135K, CPI Plunges Most Since December 2008

Tyler Durden's picture


Another economic data point, another preview of the coming NEW QE (and if Goldman is right, the perpetual NEW "Flowing" QE). Initial claims print at 386K, a number which will be revised to 390K next week, a swing and a miss to expectations of 375K, and not even the mainstream media will be able to come up with tits token idiotic headline that claims decline because they did not, even relative to last week's revised 380K from 377K. This is the 22nd expectations miss in the last 25 reports. Continuing claims also miss expectations of 3270K, printing at 3278K. But the biggest surprise to some (not ZH readers who were warned that 700,000 Are About To Lose Their Extended Jobless Claims Benefits), a massive 135K people fell off the Extended and EUC claims as the 99 week cliff hits more and more. Recall that last week 105K dropped of extended claims. This means that in the past two weeks alone 240,000 people no longer collect the last possible form government unemployment benefits, the most in a two week period since December 2010!. We can only hope they are fat enough to collect the new normal stimulus check: disability.

Claims misses:

Collapse in those collecting extended benefits:

Finally, the main reason why gold is soaring is that CPI joined PPI in wildly missing expectations, dropping by -0.3%, missing expectations of a -0.2% decline, down from an unchanged number previously. This was the biggest CPI decline since December 2008.

Unleash the NEW QE rumors.

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Thu, 06/14/2012 - 08:49 | 2525058 GeneMarchbanks
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'CPI Plunges Most Since December 2008'

Go ahead and repeat: can't stop Deflation.

Thu, 06/14/2012 - 08:50 | 2525073 idea_hamster
idea_hamster's picture

He he -- TD said "tits."

Thu, 06/14/2012 - 08:52 | 2525081 Beam Me Up Scotty
Beam Me Up Scotty's picture

Subliminal message?

Thu, 06/14/2012 - 08:58 | 2525103 Upswaller
Upswaller's picture

Tits Up.

Thu, 06/14/2012 - 08:59 | 2525111 sablya
sablya's picture

Futures are up at least...salivating...they love the smell of QE in the morning.  

Thu, 06/14/2012 - 09:09 | 2525157 HelluvaEngineer
HelluvaEngineer's picture

After all, this is all priced in already. 

Decoupling or something.

Oh look.  Bon Jovi is on CNBC.

Thu, 06/14/2012 - 09:21 | 2525203 krispkritter
krispkritter's picture

Did someone say 'tits'?

If your head isn't nodding, you're doing it wrong...

Thu, 06/14/2012 - 09:52 | 2525353 Precious
Precious's picture

Most of them voted for Obama.

Thu, 06/14/2012 - 09:29 | 2525239 DeadFred
DeadFred's picture

Let's see, futures are up because the moderately bad jobs data make it somewhat more likely that the Fed next week will announce some type of stimulus program that will kick in in a month or three from now and that program will be similar to all the others that have worked sooo well for us. Now that's a trend I want to jump on.

I wonder how many daytraders out there jump for joy when they see a QE hope rally like this, it seems they are so easy to fade.

Thu, 06/14/2012 - 08:55 | 2525084 hedgeless_horseman
hedgeless_horseman's picture



We can only hope they are fat enough to collect the new normal stimulus check: disability.

If you've got DDs and you're a might be disabled.

Thu, 06/14/2012 - 09:02 | 2525129 odatruf
odatruf's picture


Do we deserve any better than we are getting?

Thu, 06/14/2012 - 09:08 | 2525156 Buckaroo Banzai
Buckaroo Banzai's picture

It's my understanding that, armed with the right lawyer, ANY able-bodied person can get permanent SS disability checks. Takes about 12 to 24 months, guaranteed results, from any decent lawyer who knows how to work the SS system.

Thu, 06/14/2012 - 09:22 | 2525208 ElvisDog
ElvisDog's picture

That is my understanding also. The lawyers have a list of conditions, like social anxiety disorder, depression, back pain, that can't be verified medically. At that point it's just a matter of paying off the right people (lawyer, doctor, etc.) and you're in. Now admittedly it's not much money, $1000-1500 a month, but if you can get 3-4 SSDI recipients to share a household, well now we're talking....

Thu, 06/14/2012 - 10:45 | 2525587 boiltherich
boiltherich's picture

If either of you think it is easy to get on or stay on SSD you should try it.  Oh the joy of being treated like a criminal, and I applied because of a service related injury in 1991, I did not want to apply, I put it off and put it off till there just was no other choice, and do you know when I finally won?  Late 2007.  Twenty four months my hairy man cracks.  Try 18 years.  But I was only back paid to early 2005.  And all for the grand sum of 936 bucks per month.  On top of that there are regular reviews of your case and an expectation of improvement.

And the part that REALLY pisses me off are the MORONS that think it is some form of welfare rather than an insurance pool which I have contributed to since my first job in 1973. 

Ah but the neocon mindset does not permit actual facts to leak in, which leaves me no other hope but that karma really does exist and you find out the hard way what a joy it is collecting soucial security. 

Thu, 06/14/2012 - 11:08 | 2525692 mendigo
mendigo's picture

Your problem is that you are honest... did you not note the part about using the "right" lyer? There is a whole other nation of which you are unaware - where for example ceo's of insolvent corporations are paid generous bonus funded with taxpayer loans. You are just a little behind the times - integrity has no value in the current environment.

Thu, 06/14/2012 - 11:34 | 2525849 goldfish1
goldfish1's picture

Integrity is everything. Thanks for the reminder.

Thu, 06/14/2012 - 12:07 | 2525968 smlbizman
smlbizman's picture

like robert paulson???

Thu, 06/14/2012 - 08:57 | 2525099 MillionDollarBonus_
MillionDollarBonus_'s picture

I hope it's now clear to all that capitalism has FAILED. Deregulation of the economy simply does not work because, contrary to libertarian dogma, government regulators are more trustworthy and capable at making business decisions than the business owners themselves. Consumers are neither equiped not entitled to make choices about how to spend their money. The government needs to protect consumers from harm by watching out for the little guy.

Thu, 06/14/2012 - 09:03 | 2525134 sablya
sablya's picture

It would be possible to say that capitalism has failed if it had only been tried.  Too bad it's never really been tried.  

What successful system would you put in place of capitalism?  What are you proposing?  Socialism?  That's what is failing in Europe.

The people who run that system are running it for their own benefit.  There is only a pale reflection of capitalism there. 

It is humanity that has failed, as always.

Thu, 06/14/2012 - 09:07 | 2525146 Dixie Frank
Dixie Frank's picture

MDB. everyday I giddily wait for a post from you.  Your humor is beyond brilliant. Thank you!



Thu, 06/14/2012 - 09:07 | 2525152 Simulacra10
Simulacra10's picture

Long live Trotsky! MDB your sarcasim is excellent. I wondered if you really beleived what you said or if you are Tyler playing around. Me thinks you are Tyler's alter ego, which is paradoxal since Tyler is Jack's alter ego. 

Thu, 06/14/2012 - 09:33 | 2525248 prodigious_idea
prodigious_idea's picture

He's (MDB) so cute, kind of like a silly puppy.

Thu, 06/14/2012 - 13:39 | 2526331 akak
akak's picture

Yes, a silly puppy that shits on all the furniture.

Thu, 06/14/2012 - 10:14 | 2525447 Iam_Silverman
Iam_Silverman's picture

"The government needs to protect consumers from harm by watching out for the little guy."

Amen!  Paul Krugman for the next Chairman of the FED!

Thu, 06/14/2012 - 11:05 | 2525672 JPM Hater001
JPM Hater001's picture

"I hope it's now clear to all that capitalism has FAILED"

"I hope it's now clear to all that cronieism has FAILED."

There, fixed.

Thu, 06/14/2012 - 10:23 | 2525479 my puppy for prez
my puppy for prez's picture

"come up with tits token idiotic headline...."

Freudian slip, there, Tyler?

Thu, 06/14/2012 - 09:05 | 2525143 kridkrid
kridkrid's picture

Inflation vs. deflation is a meaningless conversation.  The monetary system can't be sustained because math is math.  What can't be stopped is the collapse of our debt based monetary system in which virtually all money is loaned into existence with interest attached at its creation.  New debt must be issued in order to roll old debt forward.  Aggregate debt is required to grow or you have cascading defaults.  Deflation vs. Inflation is like choosing between a bullet and a noose.  Either will do the trick.

Thu, 06/14/2012 - 09:34 | 2525252 TrumpXVI
TrumpXVI's picture

Totally bullish.

Market loves it.

Market loves the sight of more people off the government dole in the morning!

Thu, 06/14/2012 - 08:48 | 2525060 ihedgemyhedges
ihedgemyhedges's picture

And gold catches the QE bid quickly......

Thu, 06/14/2012 - 09:03 | 2525117 RiverRoad
RiverRoad's picture

Jaime and friends always bring down the price of gold when they want to buy.  And they do get the inside info re the numbers before the rest of us too.

Thu, 06/14/2012 - 08:49 | 2525067 Quintus
Quintus's picture

Looking on the bright side at least those 135k people are no longer 'Unemployed'.  Things are looking up!



Thu, 06/14/2012 - 09:14 | 2525173 Lil Ms.Homesteader
Lil Ms.Homesteader's picture

And the MSM will continue to baffle us with their bullshit about how all of these people who are no longer eligible for unemployment are suddenly or 'unexpectedly' taking early retirement. Check under you local bridges, overpasses and tent cities for more on the story.

Thu, 06/14/2012 - 09:25 | 2525219 ElvisDog
ElvisDog's picture

Hah, I look forward to Obama claiming "Last week long term unemployment fell the most in 30 years" in one of his campaign speeches.

Thu, 06/14/2012 - 10:58 | 2525637 boiltherich
boiltherich's picture

And what will Mr. Magic Underpants have to say about it?  "Folks, my just RUNNING for office is already having an impact on unemployment, so if you think this is good news just wait till we are the United States of Bain Capital."

Thu, 06/14/2012 - 08:49 | 2525068 caimen garou
caimen garou's picture

but,but we have had under 400,000 claims for 22 weeks straight! msm spin

Thu, 06/14/2012 - 09:17 | 2525189 taniquetil
taniquetil's picture

For  the 104th week in a row, new claims down from 2008 highs!


Thu, 06/14/2012 - 15:26 | 2526853 boiltherich
boiltherich's picture

400,000 claims X 22 weeks = 8.8 million job losses at least in less than 6 months.  A lot of folks who lose jobs do not qualify for un, and a lot who do are forced to defend their right to bennies which can take a while.  Those getting new jobs are doing so at average hourly earnings lower than their previous jobs, in aggregate wages are dropping even as prices rise, standards of living are caving. 

Thu, 06/14/2012 - 08:50 | 2525075 a growing concern
a growing concern's picture

Heh. You said tits.

Thu, 06/14/2012 - 08:59 | 2525116 Dead Canary
Dead Canary's picture

Shutup Beavis!

Thu, 06/14/2012 - 08:51 | 2525077 Boilermaker
Boilermaker's picture

ES rips higher with a break-neck turnaround.

Man, if this weren't so pathetic, it would be downright hilarious watching this epic fraud.

Thu, 06/14/2012 - 08:53 | 2525082 ThisIsBob
ThisIsBob's picture

Well ain't that the tits!

Thu, 06/14/2012 - 08:54 | 2525085 Boilermaker
Boilermaker's picture

Look at her fly.  Just keepin' on keepin' on.  Big wheel keep on turnin'.


Thu, 06/14/2012 - 08:55 | 2525093 valley chick
valley chick's picture

SURPRISE !!!  :)

Thu, 06/14/2012 - 08:57 | 2525102 GMadScientist
GMadScientist's picture

that wasn't funny.

Thu, 06/14/2012 - 08:54 | 2525088 caimen garou
caimen garou's picture

everything is fine because ES said so!

Thu, 06/14/2012 - 09:03 | 2525132 HyperLazy
HyperLazy's picture

According to MarketWatch; BREAKING - US Stock Index futures reconsider losses!

As if the /ES was some sort of sentient being?

Thu, 06/14/2012 - 09:04 | 2525108 Village Smithy
Village Smithy's picture

They have created quite a monster haven't they? I hope, but very much doubt, that the Fed Governers are hanging their heads in shame at this disgusting reaction. Someone, maybe the President no forget that, needs to remind them that the Initial Claims numbers that they have become obsessed with fucking with actually represent real people with families and mortages etc. 

Thu, 06/14/2012 - 08:55 | 2525090 RiverRoad
RiverRoad's picture

Sure goes to show why the velocity of money out there is near zero and why the Fed is force to pump that "flow" to infinity.

Thu, 06/14/2012 - 08:55 | 2525094 kralizec
kralizec's picture

Barack Hussein Kardashian says the private sector is just fine.  Here is your proof.  Since he intends to destroy the private sector it appears he is succeeding.

Thu, 06/14/2012 - 10:08 | 2525420 TrainWreck1
TrainWreck1's picture

Stop making fun of Snooki Hussein Obama.

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