U.S. weekly jobless claims up 36,000 to 482,000
Interesting we are in full recovery but our weekly jobless claims are rising? With these numbers and Obama making some tough statements against the large banks, the market are starting to wake up from their euphoric high and maybe question if we are really in a sustainable recovery or just a cash fueled bear market rally. With the dollar rising and commodities rising, it doesn’t look good. Looks like the safety trade is back in vogue and the means earnings reports need to hit expectations or we are going to see a major leg down in the markets….again.
The number of U.S. workers applying for new unemployment benefits unexpectedly rose last week and regional manufacturing activity slipped in January, hinting at some slowing in the pace of economic recovery.
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U.S. Initial Jobless Claims Rose 17,000 to 551,000 in September 2009
Can someone please explain to me what a “jobless recovery” is? If these exist then Santa Claus and the Easter Bunny must be real. Sure if you were fortunate to have income to apply in the stock market then you saw an “equity recovery” but using this language in the context of macr0-economics is misplaced in my opinion.
These “green shoots” we keep talking about must be weeds coming up. At the time of this writing we are in the midst of a sellout on Wall Street, I agree with the consensus that is growing saying that we got ahead of ourselves with all the recovery and new bull market talk. The real question is can earnings hold up and can the private sector start creating jobs? Sure if we borrow money and use it for stimulus we will create jobs but what about when there is not government intervention, that is the real test to see if we are seeing an actual recovery.
Bloomberg, Washington D.C. - The number of Americans filing first-time claims for jobless benefits rose more than forecast last week, a sign companies are still cutting workers as the economy pulls out of the recession.
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U.S. Initial Jobless Claims Rose by 15,000 to 576,000
We are not out of the woods yet, we are still getting unexpected surprises during our so-called recovery. Just as stated in this article, the job recovery has stalled and that is the underpinning of any real recovery. Until we start creating jobs in productive parts of our economy, we are in for a longer and more protracted recession. The signs are gather for another major stock market corrections in the coming months. Valuations are still through the roof and and earnings aren’t going to be there to support these high expectations.
News (Bloomberg):
More Americans unexpectedly filed claims for jobless benefits last week, indicating companies are trying to cut costs further even as the economy stabilizes.
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U.S. jobless claims fall to 550,000, beats expectations but still high
On the radio this morning I kept hearing this statistic cited as a sign of a recovery for the U.S. economy. I am sorry but just because we only had 550K jobs lost instead of 580K is no reason to break out the Dom Perignon and celebrate. These numbers are still very bad and I expect earnings to fall in the 3rd and 4th quarter and that will be primarily driven by a reduced consumer demand that directly ties into unemployment. Why do these “green shoots” keeping looking like weeds?
News (Reuters):
The number of laid-off U.S. workers submitting new claims for jobless benefits fell sharply last week, fanning hopes the fragile labor market was on the mend and that the broader economy was stabilizing.
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U.S. jobless claims jump unexpectedly to 667,000
The job losses are mounting. On the bright side, with a robust retraining program in place, this could help us down the road once we reallocate those jobs into more sustainable parts of the economy. What I don’t like to see is the loss of jobs in the productive parts of our economic base. We need to produce goods in the U.S. for sale at home and abroad. As national policy we should aim to have a balanced trade internationally and to avoid a few number of countries to gain excessive reserves of our currency that could pose a problem down the road if they had their own emergency that requires them to use those reserves.
News:
New jobless claims rose more than expected last week and the number of Americans continuing to receive unemployment benefits has topped 5.1 million, fresh evidence the recession is increasingly forcing employers to shed jobs.
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U.S. private sector sheds 522,000 jobs in January
Now these are some ugly numbers. This makes me worried that we have this many people losing jobs at this pace. If we keep this pace up we will lose 6 million jobs this year alone! Forget getting credit started or addressing the foreclosure problem unless we are addressing the lack of jobs & income problem. I think we should setup a long term loan and grant program for entrepreneurs to start businesses and create jobs.
I would emphasize, manufacturing, infrastructure, energy and technology for these types of funding. This is what America and basically the world should be focused on. Until each country can be beneficial to itself and its trade partners, we are always going to have imbalances that will in the end, hurt the more advanced economies. Everyone needs a middle class that is striving to go higher.
News:
Private sector employment decreased by 522,000 last month, according to ADP’s national employment report released Wednesday.
The report is compiled from actual payroll data and measures the change in total nonfarm private employment each month. The report said employment in the service-providing sector fell by 279,000.
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U.S. Jobless claims drop by 20,000 as hurricane impact fades
Updated: 5:00pm EST
You would think that this is a good thing and the market would have a short rally but instead at the time of this writing the Dow is down 670 points or over 7%. I think my call of 7,000 Dow and 800 S&P is becoming more of a reality each day.
Press Release:
The number of U.S. workers filing new claims for jobless benefits fell 20,000 last week, in line with forecasts, as the impact of hurricanes Gustav and Ike eased, government data on Thursday showed.
Initial claims for state unemployment insurance benefits declined to a seasonally adjusted 478,000 in the week ended Oct 4 from a revised 498,000 the prior week, the Labor Department said. It was the lowest reading since mid-September, but claims remain at levels indicating a weak U.S. employment climate.
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