Jobs, Markets, or scammy Medicare insurance providers? Where do you want to start?
Jobs it Is
Just out is the latest job cuts report from Challenger.
Before we roll with it, though, some simple math. One can take the new jobs created report from ADP and then subtract the following number (this morning’s Challenger report) and come up with an idea of what the (net, net) Federal number MIGHT be like tomorrow.
Headline: “January 2021 Job Cuts Report: Cuts Rise Slightly to 79,552”
Details: “CHICAGO, February 4, 2021 – Planned job cuts announced by U.S.-based companies rose 3.3%, to 79,552, in January from 77,030 in December, according to a report released Thursday by global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
January’s total is 17.4% higher than the 67,735 cuts announced in the same month last year. It is the highest January total since 2009, when 241,749 cuts were announced. “While cuts were higher than average last month, we are seeing a leveling off of announcements, which may bode well for recovery in the coming months. Companies may be reassessing their staffing levels and waiting on the impact of the relief bill before making any additional workforce decisions,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. “
In the words of the late Pitchman Billy” “But Wait! There’s More!”
Weekly New Claims
The headline number in the innumerate press is the “seasonally adjusted” claims. But (highlighted in yellow) is the honest-to-0God-unscrewed-with:
My usual statistical litany: Seasonal adjustments overstate the decline this week by 10,000. And the insured unemployment rate down 2-10ths in the cooked (SA) numbers are really down a lone tenth when the check run comes. But who are we to be clear-headed in today’s max-fox-uniformed world, huh?
The real capper is tomorrow’s report from the Feds.
Meantime, Desperation Janet is no doubt praying for a rally – which means we expect to see another big hike in the H.6 money stocks report this afternoon.
ADP Jobs Created (Wed): 174,000
Less Job Cuts 67,635
Estimated Fed growth: 106,365
January a year ago growth? Nonfarm payroll employment rose by
225,000 in January 2020.
BoE: Not Interesting
Bank of England leaves rates (and free money deals for the one percenters) in place. Central banks are in a box: Can’t raise rates, but can’t cut…so they are doing print & pray. Which is why the market is up, you’re down, and there’s more such abuse to come.
Gotta love it.
Drama Queen Check
In the NY Times biz section, see “Regulators Focus on Potential Manipulation Behind Meme Stocks.”
And with Elon Musk back twittering about crypto’s, why no “fact checking” since there’s nothing but made up numbers involved in any of it?
Airlines in the Crapper
Sucks to be in the airline biz, these days. American is sending out warnings to 13,000 possible “you’re nexters.”
Toss in fuel getting expensive again and what could go wrong, right?
Well, how about people voting with their feet and Zooming and Skyping out of travel with the added mask gestapo fielded by SlowJoe & Company?
Report in the Marijuana Business Daily has it that Funding for marijuana companies surges after Democrats win control of White House, Congress.
COVID as a Demo-Scam?
Let me share what’s in the UK Daily Mail headline:
“Why ARE COVID cases plummeting? New infections have fallen 45% in the US and 30% globally in the past 3 weeks but experts say vaccine is NOT the main driver because only 8% of Americans and 13% people worldwide have received their first dose…
The data reveals cases have dropped 45 percent since the latest peak ahead of the Bidenista’s take-over. Down to 131,341 new cases Wednesday
A cynic might wonder is Joe should hang up politics since he’s a medical healer, or whether sending money to the WHO buys better numbers.
Well, OK, both of the above, then?
And yes, I worry about my CV- incident manager/firefighter son who was pumped with two Moderna’s. After reading “Moderna vaccine causing ‘Covid arm’ side effects in some patients…”
We’ll just hang out for the more conventional J&J vax to come, thanks.
Medicine: Up In Smoke (1)
unding for marijuana companies surges after Democrats win control of White House, Congress. We aren’t surprised. (Biting tongue to avoid saying “…so many dopes, right?”)
But the good news is that our highly reputable C-Doc tells us to try some delta-8 gummies. “They wear off a little slower than the vape versions…”
Mystified (since we know nothing about drugs) he directed us to a January Rolling Stoned article “How Some THC Is Legal — For Now
Delta-8-THC — a less-potent cousin of famed Delta-9-THC — is legal enough to sell in most states. But how does it work? And will the DEA shut it down?”
Again, SlowJoe will sign anything, so please, hide his pens.
Medicine: Up in Smoke (2)
Title this morning of “Train Wreck Thursday” comes because here we are less than a week from Elaine’s scheduled hip replacement. And the Big Medicare “Advantage” insurance outfit hasn’t issued its needed “authorization” for the procedure.
The way medicine is scamming oldsters goes like this: If your hips get so bad you can’t make it to the bathroom (12 feet from bed) because of the pain, Insurance will claim it’s not medically necessary. And, since they claim 90-days to dick with paperwork…we may have to slide E’s surgeries into….well…God knows.
Medicine: Out Scamming Others
Not happy with Outrageous Profits, though, even when an “authorization” is issued, insurance scammers are now also claiming a right to “deny coverage” as not necessary, after the fact!!!
Ure didn’t fall off the watermelon truck this week. So no insurance authorization (with no “reserves right to review coverage” after surgery clause) means we will be sliding the surgery back. Then call dial-a-lawyer.
The scam is to get people to sign up for the Advantage/PPO plans thinking they have coverage. Except then, when they need a joint replaced, tell them either a) no or b) maybe “but we may turn you down after the procedure.” Which means the full cost of the surgery (and physical therapy) falls back on the victim. Which doesn’t concern big insurers are behaving in a horribly sleazy way.
There has been some coverage, like this nightmare report last year. Philly Inquirer did a good story on this in 2019 – but Big Money is still in the gyp and screw business…
We are going through process on this, but God, what a nightmare. Last year we were told (verbally) no authorization needed since it was a referral from Elaine’s PCP.
Today as soon as we click off this report, it’s back into phone hell again. Only now we’re recording everything.
A bagel and a bungle just ahead.
Write when you get rich,