‘You’re going the wrong way!’ ~ Weekly Jobless Claims rise to 500,000

Update: Philly Fed PLUNGES! ZeroHedge:

Philly Fed Plunges To -7.7 on Expectations Of 7.0, Previous 5.1

More on that HUGE Philly Fed Miss from CalculatedRIsk

Indexes for new orders and shipments also suggest a slowing this month; the new orders index fell slightly, to ‐7.1, while the shipments index turned negative, declining to ‐4.5. Indicating weakness, indexes for both delivery times and unfilled orders remained negative this month.

The percentage of firms reporting a decline in employment (23 percent) was higher than the percentage (20 percent) reporting an increase. More concerning was the significant drop in the average employee workweek index from 1.7 in July to ‐17.1 in August….

Most of we peeps outside the Beltway expected this (that’s us in the c ar screaming at John Candy aka Obama, Summers and Geithner) . Here it is. Delta going the wrong way. Rising weekly jobless claims continue, now hitting that 500,000 marker…and AGAIN note the revisions for the prior month-higher…

CNBC:

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday’s report…..

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August 19, 2010. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. 1 comment.

Market Update: DOW down 243, on EMU concerns, spike in weekly jobless claims…

Someone wake Geithner up and let him know, will ya? Gold down, Oil down, everything is down but Treasury prices…

CNBC:

…Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said Thursday.

The surprise jump took a toll on U.S. financial markets, already reeling on concerns Europe’s debt crisis could put a damper on the U.S. economic recovery….

The legislators across the world are scaring the crxp out of the markets:

...“I’m convinced the markets are really out of control. That is why we need really effective regulation, in the sense of creating a properly functioning market mechanism.”

Mr Schaeuble’s sense of urgency is compounded by his own state of health. Just 10 days ago, the 67-year-old survivor of a mentally disturbed would-be assassin was rushed to hospital with an allergic reaction to a new antibiotic as he arrived in Brussels for the emergency meeting of EU finance ministers called to agree on the 750 billion euro rescue package….

May 20, 2010. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Market Mover Wednesday: Weekly jobless claims, personal income/spending and durable goods…

Update: Weekly claims dropped to 466,000, continued claims 5.423 million

Oct personal income up 0.2%, personal spending up 0.7%

Durable Goods down 0.6%

Gold just hit another record $1181 an oz

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Another heavy day for data with light volume expected…

CNBC:

…Weekly jobless claims are expected at 8:30 a.m., along with October durable goods, personal income, and consumer spending. Consumer sentiment is released at 9:55 a.m. and new home sales are released at 10 a.m. Jobless claims could be below 500,000 for the first time in months.

Stocks finished slightly lower Tuesday, after shaking off a triple digit Dow loss. The Dow was down 17 at 10,433, and the S&P 500 was down less than a point at 1106. The worst performers were the financials…

November 25, 2009. Tags: , , , , , , , . Economy, Finance, Housing, Labor Department, Unemployment Statistics, Wall St. Comments off.

Market Mover: Weekly jobless claims 512,000; Q3 productivity hits record

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Update: DOW closes up 200+ – 10005.96

The October jobs report is manyana, this is the weekly number

Productivity hit 9.5% as more Americans work their axxes off to keep their jobs, this RECORD productivity means ironically, less hires!

Manufacturing productivity up 13.6%, highest since record keeping began in 1987

Data breaking on CNBC

Jobless Claims Fall 20,000 to 512,000, A Bigger than Expected Decline; Productivity Rose 9.5% in Q3 (story developing)

November 5, 2009. Tags: , , , . Economy, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Weekly jobless claims rise more than forecast – last week revised higher; Moody’s says US could lose AAA rating without deficit cuts..

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WSJ:

Stock futures pulled back from their early morning highs Thursday as the number of U.S. workers filing new claims for jobless benefits rose more than economists expected last week….

…Weighing on stocks, the U.S. Labor Department said initial claims for jobless benefits rose by 11,000 to 531,000 in the week ended Oct. 17. The previous week’s level was revised from 514,000 to 520,000.

Economists surveyed by Dow Jones Newswires had expected only a slight increase of 4,000, with the report serving as another sign of tough times for the jobs market….

Moody’s tells the WH and Congress to STOP SPENDING (in so many words, lol, we need to get the deficit down and no SANE person would raise taxes in a recessionary, zero job growth environment, right? Bueller? Bueller?!):

The United States, which posted a record deficit in the last fiscal year, may lose its AAA-rating if it does not reduce the gap to manageable levels in the next 3-4 years, Moody’s Investors Service said on Thursday.

The U.S. government posted a deficit of $1.417 trillion in the year ended Sept. 30 as the deep recession and a series of bank rescues cut a gaping hole in its public finances…

October 22, 2009. Tags: , , , , , , , . Economy, Labor Department, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Update: DOW closes down 203-ISM well below expectations, 30 yr bond hits 4.00%, pending home sales rocket -Market Mover Thursday: Weekly Jobless claims rise..

Update: 4:54 pm EST: DOW closes down 203 to 9509.28; S & P down 27.23 to 1029.85, NAS down 64.94 to 2057.48

grizzly1

Update 1:22pm EST:

DOW now down 176.85 to 9535.43

S & P off 23.29 to 1033.79

NAS down 58.05 to 2066.37

30 yr now 3.95%!

10 yr 3.19%

Update: ISM well below expectations 52.6, that is a DROP from August reading of 52.9, thus delta going wrong way…DOW now down 82 to 9630…

but pending home sales JUMP (IMO off the pending END to the homebuyer tax credit, ends Nov 30th) markets ricocheting off the data…

Pending Home Sales rocket, NAR says it is due to paperwork backlogs wha?
Okay NAR says pending home sales UP but NOT NECESSARILY CLOSING, ahh funding and appraisal disputes abound, NAR says sales up on short sales pending for ‘complex appraisal rules’.:

up 16% in the West
up 8.2% in the NorthEast
up 3.1% in Midwest
up 0.8% in the South

wall_st_bear_small‘unexpectedly’ (Only to the Hopium Smokin’ KoolAid Drinkin’ Pundits is this ‘unexpected’)

This is the weekly jobs number, the big one, monthly August jobs data will be released tomorrow.

Breaking on CNBC-

Weekly jobless claims (week ending 09/26) rise 17,000 to 551,000

Personal spending up 0.3%– 1.3% all Clunkers

Initial claims for state unemployment insurance rose to a seasonally adjusted 551,000 in the week ending Sept. 26 from a revised 534,000 in the previous week. Analysts polled by\ Reuters were expecting claims of 530,000, which would have been unchanged from the previously reported figure…

..Government data on Wednesday showed spending dropped at a 0.9 percent annual rate in the second quarter after rising 0.6 percent in the January-March period…

Jim Rogers joins MiM’s bandwagon in a call we are  ‘facing retro 70s inflation’

The US faces high inflation because of the weak dollar and the Federal Reserve’s policy of printing money to counter the effects of the crisis, legendary investor Jim Rogers told CNBC Thursday. Price rises in the US are already steeper than the inflation rate reported by the government, Rogers added.”There’s no question the US is vulnerable to hyperinflation down the road or certainly the inflation we saw in the 1970s, I would expect that to come back in the foreseeable future, certainly in the next few years,” he said.


“The true inflation rate in America? It’s certainly at least 6 or 7 percent, the US government lies about it, as you know, everybody who shops knows that prices are up, everybody except the US government, and I wish we knew where they shopped so we can shop there too and get good prices.”

Rogers repeated his view that the Fed’s quantitative easing program is “debasing the currency” and said he was “extremely worried” about the fate of the dollar over the long term…..

Waiting for September ISM release..

October 1, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Market Mover Thursday: August Housing construction up, weekly jobless claims falls, continuing claims rise…

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CNBC is ecstatic, MiM was hoping new housing construction would stay low so we could, you know, work off some foreclosure inventory. The seasonally adjusted weekly jobless claims are down, last week revised up (again and this week will no doubt be raised up next week, !) Don’t forget the double dip, mind the gap following 3Q earnings season folks….just MiM’s opinion…

The number of U.S. workers filing new claims for jobless benefits unexpectedly fell last week, data on Thursday showed, while there was a rise in the number of those still on the benefit rolls after an initial week of aid.

Meanwhile, new U.S. housing starts and permits rose in August to their highest level since November, lifted by a rebound in multifamily homes.Initial claims for state unemployment insurance declined to a lower-than-expected seasonally adjusted 545,000 in the week ended Sept 12 from 557,000 the week before, the Labor Department said.

CNBC not talking much about the continuing claims which rose far higher than forecast:

Continued claims of people still on jobless aid after an initial week of benefits increased by 129,000 to 6.230 million in the week ending Sept 5, the latest for which data is available. It was the largest one week gain since late June, when continued claims advanced by 180,000. Analysts had forecast continued claims would be 6.10 million…

The delta for continuing claims is still headed in the wrong direction…maybe Congress could focus on JOBS and not health care…just a suggestion…

September 17, 2009. Tags: , , , , . Economy, Housing, Labor Department, Politics, Unemployment Statistics, Wall St. Comments off.

Update:Market Mover: Meredith Whitney – Home Prices may fall another 25%…

Update: Second video clip courtesy CNBC, this has the money quote on the coming second leg down in home prices..

Vodpod videos no longer available.

“There’s no doubt that home prices go down dramatically from here,” Meredith Whitney, of the Whitney Advisory Group, told CNBC

Meredith Whitney is IMO the best financial analyst on the street…

Vodpod videos no longer available.

more about “Market Mover: Meredith Whitney – Home…“, posted with vodpod

CNBC:

Home prices in the US could fall by another 25 percent because of high unemployment and another leg down will come for stocks, banking analyst Meredith Whitney told CNBC Thursday.

“No bank underwrote a loan with 10 percent unemployment on the horizon,” Whitney said. “I think there is no doubt that home prices will go down dramatically from here, it’s just a question of when.”

Local governments and states are chronically under-funded and “most states are under water,” adding to the problem of low private consumption, she said.

“If you look at the drivers for unemployment I don’t see that reversing very soon,” Whitney said.

If consumers were to decide to spend, “that would be a game-changer,” but it would be an unnatural thing to do in a recession, she said.

“A lot of themes are constant, which is the US consumer and the small business doesn’t have any credit, credit is still contracting,” Whitney said.

Consumer debt and consumer credit have dropped according to the latest figures which also show that people have been spending more from their debit cards than from their credit cards.

“Obviously that doesn’t bode well for spending,” Whitney said….

Weekly Jobless claims slightly lower, long term unemployment continues to drop as people lose bennies, trade deficit widens:

The number of U.S. workers filing new claims for jobless benefits fell last week to 550,000, according to a government report on Thursday that also showed the number of those collecting long-term aid tumbled.

Analysts polled by Reuters had expected initial claims to drop to 560,000, after reaching 576,000 the prior week, which had previously been reported as 570,000.Continued claims fell to 6.088 million in the week ended Aug. 29, the latest for which the data is available, from 6.247 million the prior week. That was the lowest level since the week ended April 4.

…Although the drop in jobless claims indicates a healthier labor market, “we haven’t seen hirings pick up yet. We might have the worst of the firings over but the companies are not confidant enough in hiring,” said John Canally, economist at LPL Financial in Boston.

Meanwhile, a separate report showed that the U.S. trade deficit widened the most in more than 10 years in July as imports grew a record 4.7 percent on resurgent U.S. demand for foreign cars, consumer goods and oil, a government report showed on Thursday.

The trade gap expanded 16.3 percent in July to $32.0 billion, the biggest month-to-month increase since February 1999….

September 10, 2009. Tags: , , , , , , , . Finance, Foreclosures, Housing, Labor Department, Unemployment Statistics, Wall St. 1 comment.

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