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Actual Real Life Jobless Claims Go Up By 15,489

From the Associated Press:

Weekly US jobless claims fall to 355K last week

By CHRISTOPHER S. RUGABER | Thu November 8, 2012

WASHINGTON (AP) – The number of people seeking unemployment benefits last week fell by 8,000 to a seasonally adjusted 355,000, a possible sign of a healing job market. But officials cautioned that the figures were distorted by Superstorm Sandy.

Speaking of distortions, according to today’s press release from the Department of Labor, the un-adjusted claims this week are actually up by 15,489 from last week. But those 15,489 actual real life new claims are scrubbed away by ‘seasonal adjustment.’

Applications declined in one state because its unemployment office lost power during the storm and wasn’t able to receive applications, a department spokesman said. The spokesman wouldn’t identify the state.

The storm also pushed up applications in other states because those temporarily out of work sought benefits…

If sustained, the decline in applications would be a good sign. Still, the storm could affect the figures for up to three to four weeks, the spokesman said.

What gobbledygook. The AP says it’s "a good sign" that new claims applications are down, even though they admit it is because offices lost power and weren’t able to receive applications. In fact, they even note that Sandy will cause more people to be laid off.

By the way, the DOL also notes: "the advance figure for seasonally adjusted initial claims was 355,000, a decrease of 8,000 from the previous week’s unrevised figure of 363,000." It is not clear whether that means their claims number was right the first time, or whether they just haven’t gotten around to revising it yet.

But if the number doesn’t get revised up, it will break a 40 weeks in a row streak of upward revisions. And it will be mean that the number has only been revised up now for 86 out of the last 88 weeks.

This article was posted by Steve Gilbert on Thursday, November 8th, 2012. Comments are currently closed.

2 Responses to “Actual Real Life Jobless Claims Go Up By 15,489”

  1. GetBackJack

    You don’t say




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