Where’s The Beef? Challenger Job Cuts At -76%, Initial Jobless Claims Drop To 236K

Confounded Interest ^ | 02/03/2022 | Anthony B. Sanders

[Browns Ultra Fan]

Between the Biden Administration, Anthony Fauci and the media constantly screaming about the devastating effects of Omicron, I would have expected massive job cuts and a large spike in jobless claims. But alas, the numbers and charts tell a different story.

Today, we saw that the Challenger job cuts for January fell further to 76%. Initial jobless claims fell to 236k. And The Federal Reserve is still hyper-stimulating the economy.

After listening to Biden spokesperson Jen Psaki preparing us for an end-of-times job report, I was expecting today’s news dump to be terrible. But alas, it just looks like another day in Stimulyoptoville.

Hey Jen, where’s the beef? Now that I think of it, Jen Psaki looks like Wendy from the burger franchise. Except that the burger Wendy doesn’t terrify people.

[Browns Ultra Fan]

This is a setup by DC Democrats to spend trillions more dollars. But the jobs data is saying we don't need more spending.

[Red Badger]

CRY “STIMULUS!” AND LOOSE THE PRINTERS OF CURRENCY!...................

[LS]

Well, the jobs data is totally contradictory. People QUITTING have reached 4 million in December. So hiring is irrelevant.

Meanwhile, no one-—not a single one of the analysts I read-—really yet has a bead on what is happening with people leaving the labor force. Most of the gubment goodies have ended. Many are starting their own businesses, but basically hire no one. They are the lowest job generators on the totem pole. Some just dropped out-—but no one has any info on what they are living on. Many are job-jumping for better pay-—but not enough.

If you want to read an exercise in frustration, look at how some of the experts who usually are pretty good just cannot get a grip on what is happening with the jobs.

[Liberty Tree Surgeon]

Pre-65 years-old retirements, perhaps?

Also, people let go for vax mandate reasons don’t qualify for unemployment in some States, so the job is cut without an offsetting increase in first-time unemployment claims.

And it should not be forgotten that all those illegals pouring across the border aren’t going to be working on the types of payroll Challenger/ADP track, either.

[epluribus_2]

Maybe they decided to redefined “employed” as completely dependent on government largesse as essentially a tax-free basic income. The only requirement of this job is to stay alive (or appear to), be registered to vote, and either vote in person or via covid-19 mail-ballets assisted by the local “voting rights” public civil rights service organization.

[Jane Long]

Denninger has been on it....here’s his latest comment....

What employment?

Caution: ADP is often 100% full of it compared to the BLS report, which is out Friday.

However...

-301,000 is a recession print. What’s worse is that half of it came out of small businesses, roughly, with -144,000.

What’s especially nasty is that a huge part of it, about half, came out of Leisure and Hospitality. Most of the firing in January, such that it is, comes out of transportation (to some extent) and retail sales. Not this time.

Maybe mandates mean people drive or walk right on by and refuse to spend money. Hmmm.... yeah, that could be.

Friday’s jobs report should be.... interesting.

https://market-ticker.org/akcs-www?post=245040#discuss

[LS]

Again, I excluded that category: it’s factored in. Most bennies have dried up.

I think it’s a serious culture thing that has not yet been addressed.

[LS]

I still think there is something much deeper. I think the whole “work must be meaningful” thing has come home to roost, and that many people haven’t come to grips with the fact that you work to live, that work is not “play.”