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"New weekly unemployment claims spiked far more than expected last week to reach a five-month high, as the coronavirus pandemic and stay-in-place orders weighed heavily on the labor market.
The U.S. Department of Labor released its weekly report on new jobless claims Thursday morning at 8:30 a.m. ET. Here were the main results in the report, compared to consensus estimates compiled by Bloomberg:
Initial jobless claims, week ended Jan. 9: 965,000 vs. 789,000 expected and a revised 784,000 during the prior week
Continuing claims, week ended Jan. 2: 5.271 million vs. 5.000 million expected and 5.072 million during the prior week
At 965,000, new jobless claims hit the highest level since August, ending what had been a tentative start of a downward trend in initial claims.
“The rise and level of new unemployment claims is shocking,” Mark Hamrick, Bankrate’s senior economic analyst, said in an email Thursday. “This reminds us that the economic crisis has not gone away, far from it, at a time when multiple crises have been vying for our attention.”
Heading into Thursday’s report, new initial unemployment claims were expected to dip below 800,000 for a third straight week. Initial jobless claims have stayed below the 1 million mark in every week since late August, after peaking at a record nearly 7 million in March.
“To put this in context the worst reading during the Global Financial Crisis was 665K, so the ongoing stress in the jobs market is clear for all to see. After a fall in employment in December we need to be braced for another decline in jobs in January,” James Knightley, ING chief international economist, said in a note Thursday. “There will be no real improvement in the jobs market until COVID containment measures are relaxed and businesses have the confidence to hire.”
By state, Illinois and Florida saw by far the greatest increase in unadjusted new jobless claims last week, with both states’ new claims increasing by more than 50,000. But the majority of U.S. states also posted increases in new claims."
"NEW: DOJ IG releases report on the zero tolerance policy -- aka the family separation policy -- finding that the Attorney General was the driving force behind it, failed to prepare for it, and that Jeff Sessions knew it would lead to children being separated from their fams.
Notes from US Attorneys across the country on a call that Jeff Sessions held in May 2018.
“we need to take away children; if care about kids, don’t bring them in; won’t give amnesty to kids; to people with kids” (strikethrough in original)."
"We concluded that the Department’s single-minded
focus on increasing immigration prosecutions came at the
expense of careful and appropriate consideration of the impact of family unit prosecutions and child separations."
Link to the report. It is INSANE how much more thorough the DOJ IG is as opposed to the DHS IG. The reports don't even compare.
Report confirms the reporting of @shearm @ktbenner @nytmike from last year:
DOJ official in TX emailed concerns about the pilot program:
"We have now heard of us taking breast feeding defendant moms away from their infants, I did not believe this until I looked @ the duty log & saw the fact we had accepted prosecution on moms with one and two year olds"
"The next issue is that these parents are asking for the whereabouts of their children and they can’t get a
response, the courts are turning to us for help with providing contact information to defense counsel."
Rod Rosenstein told the OIG "that he did not think he saw the draft of the policy before it was issued on April 6 and that zero tolerance was 'just [an issue] that the AG
and his staff were intimately involved in.'"
Crazy. Prosecutors didn't know the policy would include families.
"USAOs did not understand the zero tolerance
policy to apply to family units & US Attorneys expressed surprise when they learned in early May 2018 that DHS would begin referring family unit adults for prosecution"
DOJ didn't communicate with HHS, the government agency that took custody of children who had been separated;
"we did not find evidence that DOJ leadership had discussions about the zero tolerance policy or family separations with HHS prior to the announcement."
Should help tamp down the pesky national debt...
"BOOM: US House Speaker announces Members who bypass the new metal detector near House Chamber will pay $5,000 fine. ($10,000 for second offense)"
reality check entertainment
This past weekend $MS announced that they have accumulated over 20 million shares of $SKLZ. Date 1/8/21
SELL Morgan Stanley: Large investor in Twitter...Freedom of speech...think about it MS...
"Everyone getting arrested and losing their job for storming the Capitol building are realizing why their grandparents wore hoods."
Naw, that's not suspicious ,is it?
"How Parler CEO John Matze married 'Russian he met during her US road trip' before founding 'free-speech' platform that is now bankrolled by conservative donor Rebekah Mercer and used by MAGA fans
* Parler had been the leading candidate for the president to continuing voicing his opinion, at least until Google and Apple removed it from their app stores
* Not much it known about Matze's personal life but he is reported to have married Russian Alina Mukhutdinova after the pair are said to have met in Las Vegas
* She was said to have been on a two week road trip around the United States
* Alina's Instagram pictures show the couple have at least one child
* In one she hold rifles and wears a shirt which reads: 'Trust me, I'm a Russian spy'
* The couple appear to live a luxury lifestyle with numerous vacation pictures
* Matze, who studied at the University of Denver, teamed up with fellow alumni Jared Thomson to create Parler; Thomson is now chief technical officer
* The app is now bankrolled by hedge-fund investor Robert Mercer's daughter"
"Republicans who say we can't impeach a president 10 days before an inauguration had no trouble confirming a Supreme Court justice 8 days before an election."
Time to affirm democracy.....
"Require every member of Congress to have to vote yea or nay on whether they repudiate the false claim that the election was rigged.
Those who dissent, with zero evidence, cannot claim the mantle of seeking unity. And can face sanction in Congress and the voting booth."
Coup Klutz Clan
Another upgrade,,,this time from UBS,,,,,,,revises PT to $80 from $74, maintains buy rating.
Jan 13, 2021
"How would America react if the Capitol attack killed 50 instead of 5, with Pence and Pelosi executed over livestream, and Congress too shaken to finish the electoral vote certification that night?
Because that's how we should be reacting now."
If your trading account looks anything like mine months ago you should do something about it. Since I joined (
) my account has been sizzling. Join them today…
I am glad. Got this during financial crisis and added again during Brexit. May not be like tech , but I slept peacefully.
"News flash: Hillary Clinton still has an active Twitter account!"
The time to make a move is now because the markets are headed for a crash. Do you know what stocks you should be in when the bottom falls out? If not check out this free newsletter that sends one stock a week. Just go to (
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"Rep. Sean Patrick Maloney confirms that it is. Rumors have been flying around about several members of Congress having given information to the rioters about the Capitol's layout and how to navigate the cavernous maze that makes up that building, including one particularly disturbing story regarding a Congressperson giving an insider's tour to a group of people on January 5, who were back the next day rioting, breaching the Capitol, and committing insurrection.
Nicolle Wallace asked Rep. Maloney if that story was true, and if there will be investigations into these concerns. He responded, "I can confirm that. I don't have firsthand knowledge of it, but I spoke to a member who saw it personally, and he described it with some alarm." He described continuing despicable behavior of these GOP representatives towards the same Capitol police who are there to protect them since the riot, defying their instructions to go through metal detectors, insisting they will carry guns, and Maloney lamented, "it's a sad reality that we find ourselves at a place where the enemy is within, and we cannot trust our own colleagues."
Wallace asked who the member was who conducted the tour, but Rep. Maloney refrained from naming them, because he wanted to make sure he knew all the facts. He added, though, "I think you'll find that that's going to be a real story."
When Wallace asked about the process for investigating this aiding the insurrectionists, giving a tour, and maybe showing them how to get around, and giving them maps, etc., he skipped right over her suggestion it would be a Congressional matter for the Ethics Committee. This was a crime. "I think the criminal code is the right place to start. I think we're talking about specific acts of criminal behavior under federal sedition laws," he said. While maintaining that, of course, holding differing political views is never a crime, acting on them to break the law is."
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