Jobless Claims Down, Productivity Soars!

The Business Insider ^ | 11-05-2009 | Joe Weisenthal

[blam]

Jobless Claims Down, Productivity Soars!

Joe Weisenthal
Nov. 5, 2009, 8:33 AM

At first blush, we like this morning's economic numbers. New jobless claims of 512,000 was lower than the 530,000 last week, and the 525,000 analysts had anticipated.

[snip]

[hsmomx3]

Yes, it went down because people’s unemployment ran out.

[P-Marlowe]

Jobless claims are UP by more than half a million. What kind of idiot says jobless claims are "down" when there are a half million more unemployed people this week than last week?

Do they think we are that stupid? (Rhetorical question).

[NMEwithin]

Great....now we get to see 3 days of The Narcissist claiming how his stimulus plan is working soooo well...and patting himself on the back.

[TexasFreeper2009]

dont worry the revised number will be much higher, just like it has been the rest of the year.

[DAC21]

This first time claims, no effect when unemplyment Ins. runs out.

[ClearCase_guy]

I predict 10% unemployment announcement tomorrow.

[wastoute]

Actually if we were still producing the same with half million fewer employed, productivity would be up. Reminds me of when I was a machinist in the '70s. The bosses put a poster in the lunchroom the had huge letters that said simply, "Up Productivity!" We used to point to it and say to them, "Up Yours!" LOL.

Μολὼν λάβε

[FoxInSocks]

dont worry the revised number will be much higher, just like it has been the rest of the year.

And the revision will be heralded as "unexpected."

[Carley]

Wonderful, only another half a million people LOST their jobs.

By delaying the unemployment extension the Mao’s tried to influence the election on Tuesday.

Didn’t work, none of their lies will work.

We know them by their lies.

[Carley]

Are you sure that renewed claims after initial claims are not included in the fake ‘new’ numbers?

The states don’t pay for the extensions, the gumming pays.

[qam1]

So the market will be up 200+ today?

[foxxfusion]

I believe they actually extended unemployement benefits yesterday.

[peeps36]

They also put out these numbers before the thousands of seasonal workers get laid off for the winter in colder areas.

[litehaus]

That idiot on CNBC— Steve Leastman (SP?) bemoaned the evil capitalists getting more productivity out of employees-—MORE blood out of a stone....Don’t know/understand why he is on the program except that it IS NBC....Obambi’s favorite company....

[hoosier hick]

Yeah, as long as you cut employees by a higher percentage than sales fall, productivity goes up. GOOD NEWS!!!

hh

[org.whodat]

Doctors tells patient you are bleeding rather badly, but we have managed to slow the flow by 5%. Now go party your last few hours..

[org.whodat]

I forget selling off inventory always makes the production number appear higher if you have laid off many of your workers.

[Nickname]

Only someone who feels secure in their employment would like those numbers.

[MortMan]

When the number of new jobless claims dwindles to below 100K, and the number of continuing claims starts to actually decrease, then we’ll talk about “recovery”.

[mmichaels1970]

What kind of idiot says jobless claims are "down" when there are a half million more unemployed people this week than last week?

The number does suck, don't get me wrong. But there aren't a half million more unemployed people this week than last. This number doesn't count anybody who was actually hired last week.

In other words, there will be first time unemployment claims every week, even if the economy is gaining jobs. The number I think they look for is something like 300k first time claims per week to indicate an unemployment rate that will start falling and a relatively healthy hiring atmosphere.

[blam]

Stocks Open Higher on Brighter Jobs Data

The DJIA is up 86 as I type. See here.

[Reeses]

10% unemployment announcement tomorrow.

I predict the official lie with be 9.8%, with the real value much higher.

[NC28203]

>>>When the number of new jobless claims dwindles to below 100K, and the number of continuing claims starts to actually decrease, then we’ll talk about “recovery”. I don't think you will ever see new jobless claims get to 100,000. They have never gone below 280,000 in the last 30 years. The 400,000 level is generally considered break even - new hires offset new layoffs.

[MortMan]

Fair enough. When they drop below 400K, then.

[NC28203]

Sorry, my reply got mixed up with the earlier comment

>>>When the number of new jobless claims dwindles to below 100K, and the number of continuing claims starts to actually decrease, then we’ll talk about “recovery”.

I don't think you will ever see new jobless claims get to 100,000. They have never gone below 280,000 in the last 30 years. The 400,000 level is generally considered break even - new hires offset new layoffs.

[org.whodat]

Selling inventory, with fewer employees produces the same results.

[hoosier hick]

The breakeven number is very difficult to gauge, though. Like the birth/death model, it depends on what assumptions you make for small businesses. The current birth/death model is badly inaccurate, because they use historical data for the model. Obama’s assault on small business renders this model useless, so the numbers it produces are useless also.....

hh

[Night Hides Not]

I predict the official lie with be 9.8%, with the real value much higher.

Am I to infer from your comment that you think the Obama administration is cooking the books?

Obama's going to use every trick to keep the rate from hitting 10%. A double digit unemployment rate will kill health care, cap and trade, every other Obama initiative.

Accordingly, the books will be cooked.

[ClearCase_guy]

the books will be cooked.

Absolutely. The Democrats live for this sort of thing. Ask Nancy Pelsi about this weeks election -- she think Obama's team won. As about the Job situation -- Obama thinks he's created a million jobs.

They just make this stuff up.