by Tyler Durden
Initial jobless claims printed 267k – slightly better than expected and very slightly less than last week – which is odd because both ISM Manufacturing and ISM Service employment data suggests a very different picture indeed.
Everyone knows the manufacturing industry is losing jobs…
But don’t worry, the Services economy is doing great and generating jobs, right?…
Oh wait!!
So if jobs are piss poor in the manufacturing industry based on management’s perspectives and just as bad in Services, then where is the government creating all these jobs from that is keeping initial jobless claims so low?
Charts: Bloomberg
They aren’t. They are driving more productive people underground where they won’t pay taxes on a non-living wage.
I have ceased filing 1040’s to the IRS this year as my financial arrangements are such that my taxable income is far, far below the minimum to pay taxes. I’ll keep it that way. Starve the bastards, they will print money faster and the reset will happen quicker.
Then we can get back to a democratic Republic like we used to be 100 years ago.
Yours in zero Federal taxes,
MA
I been there and been royally screwed by unemployment rules; X people get laid off but only 50% of X can get unemployment because of a couple dozen red tape “starve and drop dead White peasant” rules. If you are Black in the South, evidently there is a loop hole for minorities somehow (you may even get to go to a school for new training)..
I can fucking explain this shit with my eyes closed because I’ve been there twice – once in the late 1980’s when the Cape Cod building boom turned to a bust and the RTC – the “Resolution Trust Corporation – Resolving the Crises – Restoring the Trust” (that’s what the sticker on the bank door said !) came into town and set that place ablaze – and again in the late 2000’s.
EVERY ONE unemployed longer than six months drops off the back end of ‘the counted unemployed’. So we’ve had since 2009 a non existent economic recovery (except in a very small window of the energy industry and crazy shit like TWITTER, FB, NETFLIX, AMZN – to name just a few that can NEVER employ the many millions now being shit canned) that forced me and many uncountable others from their homes and families from 2010 until last summer (when these industries collapsed) to live as gypsies sleeping initially in our vehicles and proceeding each day on nothing but faith and hope that things / our lives would get better with work in the OIL & GAS Fracking industry trying to earn what we earned 20 years ago. High five figure incomes / six figures in some positions – get your head above water from the previous set backs and then KA BOOM – a new bust sets in.
You see Mr. Quinn, not all of us are spend thrift losers. We made sensible long term plans, we budgeted, we saved, and then we GOT FUCKING KICKED IN THE BALLS. Today I almost am willing to envy anyone that appears to be on an ever increasing trajectory of financial increase / betterment because I know all too well from personal experience that you can do EVERYTHING right and still get the short end of the stick and come out with little or nothing to show for 30 + years of killing yourself.
SKINBAG, some friends and i were just talking about this subject today. The 2008 crash was particuarly wicked, because while there was a sense that something odd was going on, there was virtually no information available to most as to exactly what. The worst thing about falsifying the available data is, if you’re a business owner, the data you spend the most time on, and make your own decisions off of, are your own internal numbers. I didn’t see even a hiccup prior to the whole thing grinding to a halt. Jim says the macro data he was looking at told the story pretty clearly, but pre Zerohedge, i had no good sources for accurate information
http://www.bls.gov/web/empsit/cesbd.htm
“Because new firm births generate a portion of employment growth each month, non-sampling methods must be used to estimate this growth.”
I think this is bureaucratese for “we pull the desired numbers out of our ass.”
@star, as I watched my customers close shop and have their plants cleaned out by the Chinese whom had already taken the production, on a near weekly basis for around 3 years, plus a couple more Michigan years where it was just here, or so they said. The ISM NEVER contracted, not once in any of those years. They did not register the contraction until AFTER the crashes started in ’08. I researched it and found that they make NO consideration of not filed surveys. If the department, or company, closes, offshores the role of purchasing or stops paying the ridiculous fees for their purchasing managers, agents and executives to belong. If the ISM sends out 1000 surveys, and only 5 are answered even if last month, or on average, 500 were answered the results are reported in EXACTLY the same way. Sometimes even skewed to the positive as the only guys left in the game are booming because their competition has gone away.
And you are right, if you weren’t directly affected by the dramatically changed post Bush/turn of the century job situation, the media sure as hell wasn’t saying anything.
It wasn’t until the government and connected unions had to start belt-tightening that our captured media started reporting on how bad it was.
Just like now.
In the past five months I personally know of two bankruptcies and one retirement total sell out/close. I talk to industrial fastener guys all over the country and it isn’t isolated. Driving around this country, but it requires back roads and intentionally seeking out the industrial parks, you cannot help but see the millions and millions of rotting factory space. And homes, and retail. Even as the stupid city planners and corporations build new buildings. It makes no sense. Our sales were dramatically done from about July/August on. As were many of our vendors and customers – at least those that are both in the know and willing to let down the biz guy armor “everything is ok” as the building is on fire and tell the truth.
Things are SO much worse than the bullshit GDP and these stupid numbers show.
Personal tax income DROPPED in April, there is NO possible way there was a true gain. Two guys making $8 for 20 hours each a week will NEVER make up for one guy with a $40,000 job. Or all the guys that had six figure jobs the day before 9/11.
Meanwhile the government continues to allow the techs and pharms and colleges and government to import lower paid, no social security, and kife to lots and lots of lawyers, H1-Bs. Last I heard it was approaching 150,000 annually. Even as OUR, heavily indebted, computer techs and engineers go without full time jobs. Buying off CONgress and the media is, apparently, a very good investment.
Cracks me the hell up that so many think this started with Obama. And then they think some new lackey/ruling elite mouthpiece will be able to make much difference.
Especially considering that CONgress will, by and large, be re-elected to continue mandating our death by chemicals and financial slaughter.
This shit starting going bad a long, long, long, time ago. Because WDC refuses to admit to any failures, and we refuse to fire the bastards AND hire those that will prosecute their very real crimes against all of humanity, to expect anything but downhill is, in my opinion enough to win one Pollyanna with rose gold colored glasses of the year award
Oh, there will be a few little guy/non-connected that succeed, they always leave a couple to keep hope alive.
Luckily, I don’t think we will make it that long. The wheels are going to fly off this bus eventually and when they do I doubt most of us little business guys will be done. Permanently. Our only hope is to hold out until the bitter end when the banks and government own so much they just can’t bother with more. Then maybe we can start back up after the dust clears. Or not. That is why you should have contingency plans.
Few do.