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Jobless Claims At 393,000 (Not) Due To Sandy

From the seemingly habitual liars at Reuters:

Jobless claims fall for second straight week

By Lucia Mutikani | November 29, 2012

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits dropped for a second straight week last week, unwinding some of the storm-related surge, which has muddled the labor market picture.

Someone needs to tell Reuters the elections are over and their man was re-elected. So they can stop spinning like whirling dervishes. And note how they blame Sandy. Later, we were learn Sandy had little to do with today’s report.

Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 393,000, the Labor Department said on Thursday. The prior week’s figure was revised up to show 6,000 more applications than previously reported.

What a surprise! The previous weeks number has now been revised up for 89 of the last 91 weeks, without anyone in the mainstream media ever noticing.

(By the way, 91 weeks is almost two solid years. Which is just about how long Obama has been campaigning for re-election.)

Economists polled by Reuters had forecast claims falling to 390,0000 last week…

The rosy-glassed Reuters economists are always overly optimistic. (Unless there is a Republican in the White House.)

A Labor Department official said there was no pronounced impact of the storm in last week’s data, adding that claims also tended to be volatile around this time of year…

And yet the lead sentence of this article said the increase was due to Sandy. Why does Reuters lie so?

Meanwhile, we also have this cheery news from Reuters:

New home sales stagnant, cast shadow on housing

By Jason Lange | November 27, 2012

WASHINGTON (Reuters) – New U.S. single-family home sales fell slightly in October and sales for the prior month were revised sharply lower, casting a faint shadow over one of the brighter spots in the U.S. economy.

Last month’s number was "revised sharply lower"? What a shock, huh? Well, thank goodness the election is over and these numbers won’t have to be fudged so radically.

The Commerce Department said on Wednesday sales dropped 0.3 percent last month to a 368,000-unit annual rate, while September’s sales pace was revised to 369,000 from 389,000.

The housing sector has been a point of relative strength this year in an economy beset by flagging business confidence and cooling demand from abroad…

"The housing sector has been a point of relative strength this year"? Whom are they trying to kid? This just goes to show how they are willing to lie about anything

Economists expect home construction to add to economic growth this year for the first time since 2005…

And the Reuters economists are never wrong. Except continually.

This article was posted by Steve on Thursday, November 29th, 2012. Comments are currently closed.

2 Responses to “Jobless Claims At 393,000 (Not) Due To Sandy”

  1. dasher says:

    Seasonal hiring will drive unemployment claims down for the next 7 weeks, IMO. While I appreciate you keeping our eyes on the ball Steve I’m going to to gird my loins for the unemployment reports that will be released at/around MLK Day in January.

  2. GetBackJack says:

    This Is So Unexpected™

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