Posts Tagged ‘initial jobless claims’

New Jobless Claims Far Worse Than Expected

New Jobless Claims Far Worse Than Expected

Courtesy of Vincent Fernando at Clusterstock/Business Insider 

The Department of Labor’s (DOL) measure of initial jobless claims for the week ending February 20th was reported today as a seasonally-adjusted 496,000 vs. an expected 460,000 from consensus.

DOL:

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Man Without Job

 

SEASONALLY ADJUSTED DATA

In the week ending Feb. 20, the advance figure for seasonally adjusted initial claims was 496,000, an increase of 22,000 from the previous week’s revised figure of 474,000. The 4-week moving average was 473,750, an increase of 6,000 from the previous week’s revised average of 467,750.

The advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending Feb. 13, unchanged from the prior week’s unrevised rate of 3.5 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Feb. 13 was 4,617,000, an increase of 6,000 from the preceding week’s revised level of 4,611,000. The 4-week moving average was 4,600,750, an increase of 4,250 from the preceding week’s revised average of 4,596,500.

The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 5.209 million.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 452,468 in the week ending Feb. 20, a decrease of 25,767 from the previous week. There were 605,668 initial claims in the comparable week in 2009.

The advance unadjusted insured unemployment rate was 4.2 percent during the week ending Feb. 13, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 5,527,142, a decrease of 70,546 from the preceding week. A year earlier, the rate was 4.6 percent and the volume was 6,108,398.

The highest insured unemployment rates in the week ending Feb. 6 were in Alaska (7.5 percent), Oregon (6.5), Idaho (6.4), Montana (6.2), Wisconsin (6.2), Michigan (5.9), Puerto Rico (5.9), Nevada (5.8), Pennsylvania (5.7), and North Carolina (5.5).

The largest increases in initial claims for the week ending Feb. 13 were in North Carolina (+5,897), Pennsylvania (+2,813), Kentucky (+2,510), Virginia (+559), and Puerto Rico (+468), while the largest decreases were in California (-5,540), Illinois (-3,858), New York (-2,747), Texas (-2,636), and Missouri (-2,534).

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WHAT’S ON TAP?

Courtesy of The Pragmatic Capitalist

This is the biggest week of the quarter in terms of earnings.  29% of the S&P 500 will be reporting and 750 companies in total report.  The docket is loaded with energy and materials firms.   Adding to this is a heavy slate of economic news:

  • Monday: New home sales
  • Tuesday: July Conference Board Consumer Confidence, S&P/Case-Schiller Home Price Index
  • Wednesday: June durable goods orders, Federal Reserve Beige Book, weekly crude inventories
  • Thursday: weekly initial jobless claims
  • Friday: Advance Q2 GDP, July Chicago PMI

The government is auctioning off an incredible $115B in short-term notes next week.  This could create the risk of higher yields and a skittish stock market.  At some point the demand for bonds is going wane and  yields are going to spike.

The risks in this market are rapidly increasing.  There is a deep feeling of complacency in the market.  The latest AAII sentiment reading came in at 38 – a fairly neutral reading, but up substantially in the last two weeks.  Meanwhile the recent rally has been on very low volume and very questionable fundamentals:

 

bberg

 

The rapid decline in the VIX and Yen also have me feeling a bit uneasy about the current move.  The majority of the strong tech firms and banks have released earnings.  Now we’re moving into the real economy names – energy, materials and consumer related names.  I don’t expect the news to be nearly as good as we get deeper into the earnings season.  We’re also moving into a seasonal period that is very weak for the stock market.  Investors always try to anticipate the scary month of October by getting out in September.  We could see a repeat this year, especially considering the disaster we saw last year.  This is a fast moving market.  I’ll adapt with it, but for now, I am standing pat on my bullish stance with the expectation of short sellers capitulating at some point in the next week or so.  That will be your chance to move to a neutral position or get short.  Stay tuned.

 


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Phil's Favorites

Whirlpool CEO Says Company Is About To Run Face-First Into $1 Billion In Inflation Costs

Courtesy of ZeroHedge

Whirlpool is the latest in a growing line of companies publicly stating that inflation has been a headwind for their business. Whirlpool CEO Marc Bitzer said yesterday that his company is going to run face first into $1 billion worth of inflation this year. 

"We have raised prices across the globe and we feel we are in a pretty good position to mitigate the effects of raw materials," Bitzer said yesterday, according to Yahoo.

He noted that "peak increases" due to inflation would be materializing in the current quarter. 

Despite the...



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Zero Hedge

Whirlpool CEO Says Company Is About To Run Face-First Into $1 Billion In Inflation Costs

Courtesy of ZeroHedge

Whirlpool is the latest in a growing line of companies publicly stating that inflation has been a headwind for their business. Whirlpool CEO Marc Bitzer said yesterday that his company is going to run face first into $1 billion worth of inflation this year. 

"We have raised prices across the globe and we feel we are in a pretty good position to mitigate the effects of raw materials," Bitzer said yesterday, according to Yahoo.

He noted that "peak increases" due to inflation would be materializing in the current quarter. 

Despite the...



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Digital Currencies

Is Amazon About To Start Accepting Crypto?

Courtesy of ZeroHedge

For the first time ever, Amazon has shown itself to be interested in crypto with a new major hire within its payments-focused team.

Posted on Thursday, the new role seeks an experienced product leader with expertise in blockchain, central bank digital currencies and cryptocurrencies to “develop the case for the capabilities which should be developed” and drive overall product vision.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap

The Amazon Payment Acceptance & Experie...



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Biotech/COVID-19

US is split between the vaccinated and unvaccinated - and deaths and hospitalizations reflect this divide

 

US is split between the vaccinated and unvaccinated – and deaths and hospitalizations reflect this divide

As coronavirus cases surge, unvaccinated people are accounting for nearly all hospitalizations and deaths. Fat Camera/E+ via Getty Images

Courtesy of Rodney E. Rohde, Texas State University and Ryan McNamara, University of North Carolina at Chapel Hill ...



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Chart School

Investing with Channels - Review

Courtesy of Read the Ticker

The US has a lot of debt, to sell more units of the debt to non US buyers the FED and Treasury must get the unit price of the debt down.

This video assumes a 'risk on' bullish bias into the Nov 2022 US mid terms. The bias assumes a US dollar trending down from it current high price of $93 on the DXY.






Chart 1 - US Dollar Channels


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Chart 2 - Ethereum/USD


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Politics

New York defines illegal firearms use as a 'public nuisance' in bid to pierce gun industry's powerful liability shield

 

New York defines illegal firearms use as a ‘public nuisance’ in bid to pierce gun industry’s powerful liability shield

Illegal gun use is now a public nuisance in New York. AP Photo/Bebeto Matthews

Courtesy of Timothy D. Lytton, Georgia State University

Could calling the illegal use of firearms a “public nuisance” bring an end to the gun industry’s immunity from civil lawsuits? ...



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Promotions

Free Webinar Wednesday: July 7, 1:00 pm EST

 

Don't miss Phil's Webinar on July 7 at 1:00 pm EST. It's FREE and open to all who wish to join.

Click here: 

https://attendee.gotowebinar.com/register/6552545459443187211

Join us to learn Phil's trading tactics and strategies in real-time!

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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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