Jobless Claims Back Over 400K, 26th Week In A Row Over 395,000

Tyler Durden's picture

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Max Hunter's picture

Nothing but blue skys...

Pladizow's picture

The market sees this as no news is good news!

GetZeeGold's picture

The market sees this as no news is good news!

All together now.......USA USA USA!

Boom.......WINNING!

 

 

fuu's picture
99 weeks ago today was  11/12/2009
Cash_is_Trash's picture

99 weeks is 693 days of doin' jack shit.

From previous commentary, you have to be looking for a job to receive benefits, correct?

Apparently 7,000,000 people are 99ers:

http://en.wikipedia.org/wiki/99ers

adr's picture

Many of the 99ers lost higher paying jobs they have no chance at getting back. You are far better off on benefits than getting a $9 an hour job at Home Depot.

Most of these people have figured out it is over for them in America. Some will try for a $9 an hour job just so they can work. Others will just go on welfare because they have health problems and can't afford to make above the medicaid limit.

For a little while the jobs number will get better. We may get a few months of fantastic job creation. Of course it will all be low paying service jobs but Wall Street will applaud the development with a 20% rise.

Where my wife wors the assistant manger left and they got over 600 applications for a $10 an hour job. Teachers, upper management types, college grads, people with30 years of work experience. It is sickening but theyall wanted the job because managment level retail jobs offer decent health insurance. They just hired a 47 year old woman who lost her $60k job for $8.75 an hour. I met the woman yesterday and she walks around like her mother died. My wife said she works hard and is just happy to have a job.

But yeah go ahead rally on Wall Street. Eventually using every accounting trick in the bok to make debt look like profit fails.

mayhem_korner's picture

Most of these people have figured out it is over for them in America.

Why don't they leave?

SeanJKerrigan's picture

^Goddamn.  Well, Herman Cain says if she doesn't have a job, it's her fault and #ows people are pointless distractions.  The banks are great and aren't doing anything to the economy anymore.

It seems pretty clear to me.  #ows doesn't want handouts.  It wants justice.

 

wombats's picture

O-BA_MA!  O-BA-MA!  O-BA-MA!

Everybody march down to Wall Street to chant their praise for the mighty O-BA-MA who has delivered us from the wilderness of depression!

Americans! Go praise your glorious leader and demand his re-election!  Even better, join your comrades and demand his corronation as KING!

Dr. Richard Head's picture

I really love all of the Skittle shitting rainbow unicorns Ben "Prince Printly" Benranke has created for us.  The free makret has been saved.

LibertyIn2010's picture

JOBS DEAD

...sad commentary on our country when that headline has multiple meanings.

 

MFL8240's picture

More positive signs of the hope and change!  Hows everyone liking it?

Cash_is_Trash's picture

Hows everyone liking it?

14.6 trillion and all I got was this empty printer cartridge.

Ease away Benny!

GeneMarchbanks's picture

Yeah, that's about right.

D.O.D.'s picture

Obviously this means that QE3 is a gurantee... Plus someone has to prop up AAPL now, why not Zoidberg?  In other words totally bullish in every direction...no matter what...

Cash_is_Trash's picture

I think QE3 is a necessity simply because of the

UNFUNDED LIABILITIES

Id fight Gandhi's picture

Cnbs said BTE and this was good enough. To buY da market!

Ancona's picture

Food and money are overrated anyway. Doom on bitchez!

cossack55's picture

Damn. Had it been 600k we could have hit &P 2000.

ziggy59's picture

-couldnt find <del>??? 

 

"Difficulties adjusting first-time applications for seasonal fluctuations had resulted in a big drop the previous week."

 

http://www.cnbc.com/id/44798718

 

 

P Rankmug's picture

In the era of 4% swings in 30 minutes on no news, futures along with every other fundamental no longer have meaning.

Dr. Richard Head's picture

There is a meaning in all of it. The Trickle-Down/Wealth Effect is in full effect.  They printed up the equity market and boy is my ass sore.

buzzsaw99's picture

a million people here or there doesn't matter. all that matters is billionaire portfolios.

Village Smithy's picture

How come nobody talks about Irene? That shit storm caused a huge spike in consumer activity, and temporary work.

DormRoom's picture

The long period of jobless claims over 400K, and increase CPI, is a warning sign that stagflation has taken hold.   Look @ the misery index, for Chr sake.

 

More money printing will only entrench, and accelerate it.  Then the world is f*cked, cuz central banks cannot increase interest rates  security burdens on their balance sheets, and high level of debt:gdp for most sovereigns.  So we get runaway hyper-stagflation.  There's a first time for everything--and could lead to the much anticipated US-Sino war.

 

 

Cash_is_Trash's picture

I agree with DormRoom.

Jobs are not being created, and those that are for cashiers at banks or attendants at the At&t store.

The economy has no fundamentals such as manufacturing.

We have this 'service' economy not knowing that what creates wealth is production of real goods.

warchopper's picture

In my biggest Big Gay Al voice, "Faaaaaabulous!"

moriarty's picture

With all these folks dropping off the 99 week state tit one figure that I have not been able to compute is the accumulative number of folks who recieve nothing from Uncle Sam. Am I stupid and not reading the data correctly of is it a figure that is not discreetly published

If the former please show me the error of my ways if the latter does anyone have a handle on it or how to compute it

Dr. Richard Head's picture

Those who fall off the 99er Tit don't count anymore and they are all apparently at Occupy Wall Street, have trust funds, and are spoiled brats according to the right-stream media. 

Fuck Fox and the Murdoch they rode in on.

moriarty's picture

If they were all occupying Wall St TPTB would need a bit more that a few barriers and a cop or two on horseback the deal with the crowd of that size. For a start they would need an army of shit shovelers to keep the poo of the expensive shiny shoes of the god’s & I would pay to see that.

dcb's picture

I made thos point on a post the other dady about what bothers me regarding ZH. you say the market goes up on european bailout rumors, but then say algo's cause it to go up when the data looks bad. hate to educate you, but it's the algo's only!!!

JPM Hater001's picture

Doubtful.  More likely its the fed buying through the back door trying to maintain confidence in the stock market.

Anyone recall the end of QEII And the precipitous jump UP in the stock market?  Then it was announced the Fed bought 87 Billion in equities.

No, the market is fluctuating because Algo's, who's base assumptions are rooted in historical analysis, cant function in the Fed manipulated market.

Smiddywesson's picture

Yes, the Fed is whipsawing everyone, the fundamental traders, the tech traders, and the algos can't adjust to a market that has one and only one goal, to buy time for TPTB.  Paper gold bottomed and is trading in a range for the same reason, TPTB are stalling while they buy up all the gold.

 

digalert's picture

Ooh Ooh, the O'blame er uh TOTUS will be on the TV at 11. "Pass my bill, schools, roads, bridges, Michelle, green jobs, the children, free college and homes for all, blahblah...blahblahblah...blahblah"

Kina's picture

Do not worry.

 

You will be pleased to know that not one bankster's bonus was harmed in the making of this unemployment.

msmith's picture
The ES could pullback to fib support before pushing higher.  Also USDCAD pushing higher before in resumes a push lower.  http://bit.ly/pcrsPQ
Kina's picture

Market = Algos masturbating each other into higher highs.

Henry Chinaski's picture

Employment would explode if we only had a 5% surtax on the wealthy and congress passed the president's jobs bill. [/sarc]

Cash_is_Trash's picture

Slightly OT:

A graph of the U.S. monetary base that is seasonally adjusted (the Non-SA looks even worse).

Gold to pursue launch trajectory.

http://research.stlouisfed.org/fred2/series/BASE?cid=124

 

Belarus's picture

The market is swimming in liquidity but there is no where to go with it: see "Velocity of Money."

No Mas's picture

Why the fasination with the market's reaction?  Who cares if the futures are up on "bad" news or "good" news.  The market is what it is and no amount of fretting by the ZH sheeple is going to change that fact.  What is the problem with an ever increasing (inflated) series of index values?  Is everybody here a terminal short?

The big issue is simply that we are a non-competitive entity at this point.  Lazy, fat and stupid, the american public has little to no chance of holding on to any semblance of the standard of living enjoyed by prior generations.  Free money, no real work to produce anyhting in quantity and a public school system with no standards for anything other than self esteem have left this generation sitting ducks for the hard working, hungry and non-politically correct homosapiens that inhabit the rest of the world.

They are coming and they are going to eat the collective lunch of this emasculated american society.

And they will give not one damn when you cry to big government about the beating you have taken.  They will simply beat you some more.

ANd by the way, OWS my ass; re-elect Obama is what that is about.  Simple and pathetic ploy but you have to know that people in this country are so damn stupid they will not be able to figure this out.

Belarus's picture

Bullish for housing, too. All these 99er's falling off a cliff will surely at some point walk away from their homes that they haven't bothered to make a payment on for over a year now. Inventory is bullish because it pushes prices down, and puts the 50% of the country already underwater even more underwater....thus, more strategic defaults and squatters, more money for Tiffany's and Netflix and Chipotle. See? 

More housing supply and more unemployed is good for the TBTF as well, especially JPM that processes the SNAP cards. More hits to their balance sheets means they are allowed to fudge the numbers even more as FASB is completely thrown out the window....and then more back-end money siphoned from tax-payers without anyone knowing about it because it is a "what's best for the country" kind of thing, errr, what's best for the bankers.

America. Land of the Free. Expect the algo to trade a rather dull day up at least 2% in the final minutes of trading today. 

 

Taffy Lewis's picture

A Bloomberg article says:

"Claims for US unemployment benefits rose less than forecast last week to a level that shows companies may be starting to slow the pace of dismissals."

Is that double-speak bullshit or what? I got a headache trying to understand it.

That's fantastic news: companies may be starting to slow the pace of dismissals. Time to sell my silver! (/sarc)

adr's picture

Pretty soon 400k will be a level that signifies sustainable job creation.  Reality doesn't matter only the manipulation of statistics and accounting ledgers. ince Wall Street doesn't live in the real world, creating false statistics to make the world look better than it is will never be  frowned upon.

Snakeeyes's picture

And CoreLopgic reported that home prices fell 0.4% in August. Same old, same old.

http://confoundedinterest.wordpress.com

inkarri9's picture

Hello.  Okay, maybe I'm off my rocker here but it seems that approximately 1.6 million people are filing intial jobless claims aka losing their jobs per month.  Let's say that in a best case scenario, we are hiring back 500k people a month(I obviously don't believe this), how is it then possible that the "official" unemployment number isn't going up?  Is it that that many people are exhausting their benefits per month? 

 

Youri Carma's picture

Announced Job Cuts in U.S. More Than Triple From Year Ago, Challenger Says, 5 October 2011, by Alex Kowalski (Bloomberg) http://www.bloomberg.com/news/2011-10-05/announced-u-s-job-cuts-rise-212-from-year-ago-challenger-says.html