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Jobless Claims Hit 4-Year Low – Once Again

From a joyous Associated Press:

US unemployment claims hit 4-year low of 357K

By CHRISTOPHER S. RUGABER
April 5, 2012

WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits fell to a four-year low last week, as layoffs slow and the job market strengthens.

Weekly applications dropped 6,000 to a seasonally adjusted 357,000, the Labor Department said Thursday. That’s the fewest since April 2008.

We have been getting similar headlines for the last few weeks. For instance, last week’s March 29, 2012 Reuters headline proclaimed: "Jobless claims fall to 4-year low in latest week." And the week before that, on March 22, 2012, the AP ran the headline, "US jobless aid requests hit 4-year low."

But do these headlines remain true after the numbers are revised? The short answer is, ‘probably not.’

Last week’s new claims number was revised up by 4,000 to 364,000. Which might not make the March 29th headlines untrue. But the week before that, the number was revised by a whopping 16,000, which means claims actually went up by 9,000 instead of hitting "a 4 year low," as was universally claimed by the media back on March 22nd.

So we might learn next week that today’s headlines are not quite accurate, after this week’s number gets revised up.

But the week before that, the number was revised by a whopping 16,000, which means claims actually went up by 9,000, instead of hitting "a 4 year low" as was universally claimed back on March 22nd. So we might learn next week that today’s headlines are not quite accurate, after this week’s number gets revised up.

But one of these days the news media are bound to get it right. Meanwhile, the Obama administration is getting the headlines that it wants. And that is the important thing.

After all, most people only read the headlines. And what’s worse, they believe them

The four-week average, a less volatile measure, fell to 361,750, also the lowest in four years. The average has fallen nearly 13 percent in the past six months.

When unemployment benefit applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

On Friday, the government issues its March jobs report, which is expected to show the fourth straight month of strong hiring

March will "show the fourth straight month of strong hiring" and yet the unemployment rate has only gone down a miniscule .2% since December’s 8.5%?

That must be Obama Math.

This article was posted by Steve on Thursday, April 5th, 2012. Comments are currently closed.

2 Responses to “Jobless Claims Hit 4-Year Low – Once Again”

  1. GetBackJack says:

    Jobless Report is BS

    New Job Creation Report is what matters.

    Evolution is Action – cruel as that may sound – for many people who were minimally qualified, if at all, to hold paying positions in either government or private sector … are being cut from the herd as commerce demands efficiency and competence to withstand economic pressures caused by insanely reckless government actions.

    They won’t be rehired until another new Bubble is brought online.

    In other words, they’re fooked.

  2. AcornsRNutz says:

    Well, this time I am sure they are right.


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