Despite Surging Job Cuts, Initial Jobless Claims Tumble Back Near 42 Year Lows

Zero Hedge ^ | 10/08/2015 | Tyler Durden

[SeekAndFind]

Job cuts have already surpassed  last year's total, according to Challenger, Gray & Christmas with the highest annual total since 2009, when nearly 1.3 million layoffs were announced at the tail-end of the recession... so how does the government explain the fact that initial jobless claims have once again re-tumbled back to close to 42-year lows...

 

Initial claims dropped 13k this week to 263k - just shy of the lowest levels sicne 1973...

 

As Job cuts soar...

 

One of these is lying...

 

The third quarter ended with a surge in job cuts, as U.S.-based employers announced plans to shed 58,877 in September, a 43 percent increase from the previous month, according to a report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

 

The September total was third largest of the year behind July (105,696) and April (61,582). It was 93 percent higher than the 30,477 planned layoffs announced the same month a year ago.

 

In all, 205,759 job cuts were announced in the third quarter, making it the largest job-cut quarter since the third quarter of 2009, when planned layoffs totaled 240,233.

So, to sum up, Challenger says worst layoffs since 2009, as BLS says claims almost non existent.

Something changed when QE3 ended...

 

Charts: Bloomberg

[SeekAndFind]

It's fun with Thursday jobless claims numbers once again

[Yashcheritsiy]

What does it mean?

It means we’re running out of people to make their initial jobless claims. Most of them have already been jobless for quite a while.

[austingirl]

Fun with numbers indeed. Who believes any of the gubmint lies?

[silverleaf]

When people get to the end of unemployment benefits or stop tryng to work, they stop filing unemployment claims

If no one was looking for work there would be 0% jobless claims

Also very low taxes paid on earnings! I think this is the real indicator -
How many are paying taxes and how much

[stocksthatgoup]

Everyone has used up their unemployment benefits.

[JayAr36]

Despite Surging Job Cuts, Initial Jobless Claims Tumble Back Near 42 Year Lows

One of the most stupid statements I’ve heard in past few hours but I’m sure there are many more to come from these morons.

[Iron Munro]

Because most of the O'conomy jobless have been out of work so long they
have maxed out any uemployment benefits and given up looking for work.....

[Iron Munro]

ANOTHER OBAMA FIRST COMING

The month after King Obama destroys the last jobs left in America we will have no initial jobless claims.

[Buckeye McFrog]

Anything to keep Yellen confused enough to keep the printing presses rolling.

[Iron Munro]

[TomGuy]

If the next prez is a Republican, it will be interesting to see how the media explains the massive explosions in these various numbers — when ‘real’ data is used.

Of course, they will just blame it on the Republicans. They need to prop up Obama, even after he leaves the WH. They will still be carrying the water for his early legacy.

[DownInFlames]

Another issue no one is discussing is after 2 years on unemployment, they are UNEMPLOYABLE.

[RainMan]

Actually, I think there is a relatively simple explanation. If they were hired within the last year, then they cannot file an “initial jobless claim” ... rather, they reopen their existing claim and restart it, now with only their initial amount of benefits less what they received in the first stint of no work. What this is saying is that the job cuts were not regular permanent positions, but temporary positions created to bolster the unemployment numbers a few months ago. It is a win win strategy for the government and employers ... have your friends hire some people into temp jobs, which lowers the unemployment rate, then dump them before benefits have to kick in, which lowers the cost of actually hiring them, and when they are displaced, they don’t show up as new unemployment claims.

[Kickass Conservative]

Time for a Democrat Politician to propose a 999 Week Unemployment Plan.

[setha]

Completely unemployable outside of highly irregular temp work, or only unemployable due to market distortions such as guest worker fraud and illegals?

If stripped of the market distortions, most of those individuals would become quite employable.