March 31, 2011
— Geoff Everybody's biggest economic fear, right after the one about total economic collapse and anarchy, is that we may fall into the second trough of a double-dip recession. We had been seeing some improvement on the business front (not, as Monty points out, on the debt front) - several of the indicators were looking better, but the last few months have not been so encouraging. Today we're seeing Initial Claims data which are also not very uplifting.
This blog was one of the first to note that Initial Unemployment Claims stopped improving back in November 2009, and one of the first to point out that they started improving again in August 2010. So let us be the first today to say that it looks like the improvement might have stalled once more.
Today the Department of Labor reported initial claims of 388,000, down 6000 from a revised number of 394,000 for last week (last week's original number was 382,000: the +12,000 correction was one of the largest I've seen). It's encouraging that it stayed below 400,000, but as you can see from the plot, the lovely downward trend we've enjoyed since last August seems to have stopped in January. Now we're just crawling sideways. Again.
It's a little early to say for sure - we should know within three or four weeks whether the doldrums persist.
Posted by: Geoff at
06:24 AM
| Comments (53)
Post contains 237 words, total size 2 kb.
Posted by: blaster at March 31, 2011 06:31 AM (l5dj7)
"I am continuely outraged by this abuse of government power .."
So far, so good...
"...and this is why I want the Federal Government to regulate everything. Keep the local government off of my street and out of my yard. The Federal Government should regulate absolutely everything and that would take care of this problem."
Oh! So close. Also, Democrats are morons.
Posted by: Johnny at March 31, 2011 06:33 AM (mhmc7)
Tax hikes on millionaires and those heartless bastards that dare to move factories overseas because of burdening taxes and regulation!
/Every economic policy a Democrat proposes includes a tax increase somewhere.
Posted by: Kratos (Ghost of Sparta) at March 31, 2011 06:34 AM (9hSKh)
This kind of hockey-stick is the one we should be worried about, not the fakey-one made by Mann et al.
Posted by: Kratos (Ghost of Sparta) at March 31, 2011 06:35 AM (9hSKh)
I know she's dumb, but she's not that dumb. She didn't actually say that, did she??
Posted by: laceyunderalls has Redleg fever at March 31, 2011 06:35 AM (pLTLS)
Posted by: Schwalbe : The © at March 31, 2011 06:37 AM (UU0OF)
Did anybody think to ask her if she felt that way before January 20 2009?
Of if she'll still feel that way after January 20 2013?
Be careful what you wish for...
Posted by: Nighthawk at March 31, 2011 06:39 AM (OtQXp)
Posted by: Larry "8 Ball" Kudlow at March 31, 2011 06:44 AM (/dIpC)
It goes to the "technical definition" which is what whatever group decides if we're in a recession or not (I've heard who that was, at one point, but I can't remember) uses if there's a Democrat in office. If a Republican were in office, they'd be claiming we were still in a recession, of course.
Posted by: AllenG (Dedicated Tenther) at March 31, 2011 06:45 AM (8y9MW)
Posted by: eman: Japanese Babe Rescue Team at March 31, 2011 06:50 AM (T0S5U)
Posted by: Reader C.J. Burch writes... at March 31, 2011 06:53 AM (usS2T)
There ya' go.
Posted by: mrp at March 31, 2011 06:53 AM (HjPtV)
Posted by: Love and Rockets at March 31, 2011 06:53 AM (McG46)
Posted by: Flapjackmaka at March 31, 2011 06:56 AM (QRS0z)
Posted by: Cherry π at March 31, 2011 06:58 AM (+sBB4)
$4/gal gas back in 2008 is one thing that started the whole economic tumble that we're in right now. At this rate we'll be at that benchmark before May.
That's going to have an effect on hiring and the wider economy. If a double-dip is likely, and I think it is, we'll be there before Labor Day, and fuel costs on top of food and general inflation will do it.
His Emptiness got elected riding people's hopes that someone would bail us out of the shithole, and he's had no effect and given us nothing except spending al the money we hope to make in the next 20 years. He's fixed no problems, made most of them worse, and inspired only the people with their hands out for more. People wanted leadership, he failed, and, if they don't get their act together, too, the congressional GOP is going to be sharing the ice floe with him.
I'm going to Lowes and price pitchforks.
Posted by: nickless at March 31, 2011 06:59 AM (b7FhC)
Given that, and given that gas prices are about to start killing people (figuratively, if not literally) again, does anyone see how Barky and the Dems survive '12? Or are we thinking blood-bath a la 2010?
Posted by: AllenG (Dedicated Tenther) at March 31, 2011 07:04 AM (8y9MW)
Posted by: Cherry π at March 31, 2011 10:58 AM (+sBB4)
Yeah, I was going to remark on that as well. Could we please lose that picture? It's almost lunch time...
Posted by: Nighthawk at March 31, 2011 07:04 AM (OtQXp)
Two items:
What is the ratio/percentage of new claims to the number of currently employed?
For example, 400,000 is a higher percentage of 80 million than of 100 million. The lower the employed work force is, the higher the percentage of it that a given number of new claims represents.
Years ago, when Reagan's economic policy had unemployment to about 6-7%, we were instructed by the libs to be very, very concerned about the discouraged workers who aren't counted, and the underemployed ("burger flippers"). Since we have a dem in the WH, the latter two categories are invisible. SURprised me, by golly.
Posted by: Richard Aubrey at March 31, 2011 07:06 AM (wxHHM)
Florida's unemployment numbers came out the other day. 11.2%. I still can't figure out whether that's the hope or the change. I think it's the change, 'cause I don't see much hope other than "it can't get any worse." But even then, there are new stories of gloom and bonedness every day.
I propose we take Dave Barry's icon, Walter, that bone from the penis of a walrus, and rename it something else.
"Barry" sounds suitable.
Posted by: Zero Based Budget at March 31, 2011 07:06 AM (d0Tfm)
Posted by: iknowtheleft at March 31, 2011 10:40 AM (G/MYk)
Yeah, its like taking a cash advance on your credit card, then calling it a pay raise because you have more money.
Posted by: Romeo13 at March 31, 2011 07:07 AM (NtXW4)
Zombie Billy Mays here, have you tried Sock-Be-Gone? Now it's new and improved!
But wait, there's more...
Posted by: BackwardsBoy at March 31, 2011 07:09 AM (d0Tfm)
Posted by: Dean Wormer, Obama School of Economics at March 31, 2011 07:09 AM (NtXW4)
I'm going to Lowes and price pitchforks.
Posted by: nickless at March 31, 2011 10:59 AM (b7FhC)
I'll bring torches and update the language in the Declaraton of Independence, from "King" to "corrupt, greedy and porcine statist pricks".
Posted by: Beagle at March 31, 2011 07:09 AM (sOtz/)
Posted by: President Obama, lightworker, orater, and Nobel Peace Prize winner at March 31, 2011 07:10 AM (uEUlN)
Posted by: Lincolntf at March 31, 2011 07:13 AM (xMT+4)
Anyway. Today's show was all about the fantastic, incredible, wonderful economic BOOM going on right now in Silicon Valley. Pure cheerleading. They had an L.A. Times reporter talking about how great it was, a California development official talking about how great it was, and a chick from Moody's talking about how great it was and how it's going to lift the whole country, the whole world out of recession. Because social-media startups and small computer game companies are going to be the global economic engine for the next decade!
I nearly had to pull over and barf. Can they be any less subtle in their propaganda? It was like listening to Soviet radio bragging about tractor production.
Posted by: Trimegistus at March 31, 2011 07:15 AM (YIKQc)
Posted by: Damiano at March 31, 2011 07:15 AM (3nrx7)
Posted by: Jon Carry's Boat at March 31, 2011 07:17 AM (MIi4N)
Almost like the straight line was selected then numbers created to match.
Also, Geoff, do you have data available prior to Feb 2009 to see if this there is a similar lack of variation under prior administrations?
Posted by: Mark E at March 31, 2011 07:19 AM (w5RwR)
Posted by: Damiano at March 31, 2011 11:15 AM (3nrx7)
At that point the only thing to do is cut the Soylent Green ration and "encourage" more production, if you know what I mean...
Posted by: Nighthawk at March 31, 2011 07:20 AM (OtQXp)
Posted by: George Orwell at March 31, 2011 07:26 AM (AZGON)
Posted by: Trimegistus at March 31, 2011 07:37 AM (YIKQc)
Not me. I have always said we have not recovered the first time yet. Any positive GDP numbers they have posted have been lies. The unemployment numbers are lies.
This adm is incapable of anything but lies.
Posted by: Vic at March 31, 2011 07:39 AM (M9Ie6)
Posted by: phreshone at March 31, 2011 07:39 AM (T3vCe)
Posted by: Johnny at March 31, 2011 10:33 AM (mhmc7)
Krystal Ball? I wonder if she has siblings - Basket, Wiffle, Base, Foot
Posted by: TheQuietMan at March 31, 2011 07:39 AM (1Jaio)
Posted by: Jean at March 31, 2011 07:39 AM (WkuV6)
Posted by: Hal at March 31, 2011 07:41 AM (5XGxT)
Almost like the straight line was selected then numbers created to match.</em>
THE JIG IS UP.
Posted by: Car in at March 31, 2011 07:41 AM (bW9IA)
Posted by: George Orwell at March 31, 2011 07:44 AM (AZGON)
Also, Geoff, do you have data available prior to Feb 2009 to see if this there is a similar lack of variation under prior administrations?
Yes - I have a plot going back to the beginning of 2007 - I've shown it here on several occasions. The scatter in the points is actually larger of late than it was back when the economy was more stable.
One of the keys to the regression fits is picking the time periods. I try to break the fits up into those linear regions where the R^2 values are the highest.
It's not easy to make it look that good.
Posted by: geoff at March 31, 2011 08:01 AM (Fj/WG)
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Posted by: discount nhl jerseys at March 31, 2011 05:38 PM (OzXN4)
Finally, somebody decides to cut something and it turns out to be my unemployment benefits! The same week that four other states continued theirs, mine chose to give the money back to Obama and his slush-fund. The same week he started our third third war for muslims.
Just 'cos we're in the Ozarks doesn't mean you get to dump on us.
Posted by: People of Missouri at April 01, 2011 06:42 PM (c66df)
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*Let me know if you get an offer.
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Posted by: Schwalbe : The © at March 31, 2011 06:30 AM (UU0OF)