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Initial Claims Miss For Third Week In A Row To Highest in Six Weeks
Initial claims were unchanged from last week - thanks to the now ubiquitous upward revision of the previous week's data. This is the highest print in six weeks and the third week in a row that the claims data has been greater than expected. The market is unsure - is this enough pre-FOMC to make a real difference or just more 'seasonal' noise? One thing is sure - the trend is higher in the last six weeks, hardly a positive sign (as the 4-week moving average rises 1,500 to 370,250) - and after the standard upward revision today's 374k claims will be 377k by next week.
and via Jefferies:
The downtrend in the rolls of long-term claimants continued in this week’s data. Extended Benefits recipients rose 1,168 to 5,404 in the week ended August 11th from 4,236 in the prior week. Emergency Unemployment Compensation (EUC) fell 53,318 in the week ended August 11th to 2.273 mln. This is the lowest count of EUC 08 recipients since May 9th, 2009.
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Missed it.....by jiiiiiiist that much!
We're going to be in that 400k range real soon folks. You know what that means.
It means we're gonna blame it on that Bush guy....been working so far.
Part of it is Bush's fault. 8 years of disasters.
& what has the present occupier of the White House done differently? People are arguing about "my president did less damage than yours". What kind of assinine argument is that?
All of this REP vs. DEM crap belongs on the Yahoo message boards, NOT ZEROHEDGE! That is all.....
Political party loyalists of either side can kiss my ass. Neither want to look at the 'beam in their own eye'.
This article in CounterPunch( Delusions and Disappointments: Meet Barack Obama ) explains what I think about this canned political show of (R) vs. (D), better than I can myself.
An excerpt:
But then again I don't buy into the 'left wing' vs. 'right wing' dog and pony show any longer either. To me the reality is that there's a special interest/bankster/corporate wing and a We the People wing. Guess which one of my 'wings' keeps getting the shitty end of the stick, no matter which political party holds power. That will continue no matter which puppet is selected in the upcoming 'election'.
Black Hole Sun won't you come?
400k is NOT a "range" !!!!
ZHers might not want to hear it BUT: the more misses there will be the higher the likelyhood that these FED/ECB/whatever mastermanipulators will reach for the next round of printing and print us to hell.
Sad but true (Metallica, Black album)
OK.....everyone act surprised!!!
sorry.. no way..
Are you sure? We'll throw in an Orange Whip for you!
4 more years of this? Not gonna happen, people are too wise to this clown.
Oh good.....here come the racists!
Now just where the hell did I put that sarc button....I just had it a minute ago.
Meet Bob, He Is A Filthy Racist
Time for another hated whitey repub to blame all the bad stuff on.
hate to break it to you like this, but this is going to continue for a decade, no matter who is appointed.
In similarly bullish news:
'Real' Homeownership Rate at Nearly 50-Year Low"The real rate of homeownership—subtracting people who are about to be ejected for not paying their mortgage—has fallen to lows not seen since the mid-1960s, according to a new analysis.
The decline in the Census Bureau’s official measure of homeownership is bad enough. It slid to 65 percent this year from 69 percent in 2005 and 2006, at the peak of the housing bubble, when buying a home was universally considered a sensible way to secure one’s fortune. But things look even worse when you strip out homeowners whose homes are in foreclosure or who are headed for foreclosure because they are 90 days or more delinquent on mortgage payments."
http://www.businessweek.com/articles/2012-08-29/real-homeownership-rate-...
Lockhart: More easing a close call. Further stimulus could have some positive effect.
Could and some.
Uggggggg. Seriously pulling back those expectations boys.
BULLISH!
Does it even fucking matter at this point? 70% of the country is hurting: in debt, unemployed, underpaid, overworked, bankrupt..........and asset prices still rise.
Real wealth, real business, real price discovery doesn't exist anymore - the US economy is based around bullshit and high interest credit.
" bullshit and low interest credit." - Fixed for the banks anyway. Still a big FAIL. There is a very cost for creating capital, especially if you don't create anything of real value as a result.
Yes could and some......and then his no politics involved fell flat on its face.....I think think this will be the last QE...it will dissapoint so many investors...investors mind you ...not the day traders and stock brokers and bankers in NYC.....the actual investors that know that nothing is going to be done...no hard and painful choices to set this ship straight....so I think the bail out will start...companies will move offshore...people will change their investment habits..gold and silver will go up..you will hear the word survival much more...and there will be much more crime in the streets as society falls apart...places and things will collapse....cities will go bancrupt...debts will not get paid..its a great opportunity for churches to get back in the game...but they are screwed up too right now...So the Feds better really discuss this one...its not just for a six month game....this is the endgame....what they do now will start the endgame...Jim grant is dead on...is it Socialist Central planning from here on out....or are we going to let the markets...and I mean legit markets set the rates...some banks will fail....let them...
I tend to agree. It looks hopeless.
Problem is lots are holding their breath and hoping for the best, and not preparing.
The next round of QE will happen when the gov't has trouble funding their deficits. They'll need it to keep t-bill interest rates under control. Not sure when it will be needed, but with europe and china in trouble, it will be a while. Of course, if NPL's at banks goes way up, they'll QE the bad loans from the banks, but I suspect the banks have a lot of zero interest cash to help cusion this.
These numbers will steadily ratchet higher until after the election, where we will have the real revisions upward.
And there is nothing on the horizon to change it.
We've wasted so much time on this Obama Recovery that many folks may never even get back to where they were the day he took office.
Never.
the bad news seems never ending.
http://expose2.wordpress.com/2011/11/20/a-voice-from-the-dark/
If Romney wins and the real upward revisions occur in January before the inaguration, Obama will say it's Romney's fault.
Worm turning, winning streak coming to an end for the cotton candy markets.
If the Bernank doesn't announce QE3 at Jackson Hole Fall swoon coming.
On March 15th the initial number was 351,000 and we have improved almost every week since then. Wait, it's 374,000 this week? That does not corelate with all the positive headlines over the summer.
This will get better when they adjust for the 1500 Volt union workers getting laid off next week.
Worse. Jobless claims back to Dec 2011 levels. This is the vaunted stimulus recovery?
http://confoundedinterest.wordpress.com/2012/08/30/jobless-claims-stuck-at-dec-12-level-consumer-confidence-remains-weak/