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Jobless Claims Revised Upward Yet Again

From a willingly bamboozled Reuters:

Jobless claims drop, monetary stimulus seen

October 21, 2010

WASHINGTON (Reuters) – New claims for unemployment benefits fell more than expected last week, but not enough to suggest much improvement in the distressed labor market.

Initial claims for state unemployment benefits fell 23,000 to a seasonally adjusted 452,000, the Labor Department said on Thursday

Once again Reuters artfully fails to note that this decrease of 23,000 claims is from from the Department Of Labor’s newly revised figure of 475,000 for last week.

Lest we forget, last week the Department of Labor unemployment claims were only 462,000. A number trumpeted by our watchdog media. But, as they have done ever since Mr. Obama’s ascendency, they have very quietly revised up that previous number by 13,000 new claims.

So, in actuality, this reported "drop" is really only 10,000. And when it gets quietly revised up next week it will be even less than that – if it is still even a "drop."

Analysts polled by Reuters had forecast claims falling to 455,000 from the previously reported 462,000. The government revised the prior week’s figure up to 475,000

It sure looks like the Obama administration is purposefully undercounting new claims so that Reuters and the AP can claim that the numbers are better than expected. And they do this week after week, and nobody seems to notice or care.

A Labor Department official said only the Virgin Islands’ claims had been estimated in the most recent week and noted the prior week’s claims number had been pushed up by administrative factors related to the October 11 public holiday

Why is the Labor Department only able to use jobless claims from the Virgin Islands? What is wrong with the other 57 states? And why is are their statisticians always flummoxed by holidays? They happen every year, don’t they? In fact, isn’t Columbus Day always on a Monday?

The Fed is widely expected to announce a second round of asset purchases, also known as quantitative easing, at its November 2-3 meeting to keep interest rates low in an effort to combat high unemployment and boost demand.

The central bank, which cut its overnight interest rate to near zero in December 2008, has already bought $1.7 trillion worth of Treasury and mortgage-related debt…

All of which is aimed at keeping the economy ‘up’ before the elections. After November 2nd, the deluge.

This article was posted by Steve on Thursday, October 21st, 2010. Comments are currently closed.

4 Responses to “Jobless Claims Revised Upward Yet Again”

  1. proreason says:

    Details, details.

    We are on the right track. The great news is that more people are getting unemployment benefits than ever before. Where is the so-called liberal press on THAT subject. Imagine the joy as those people open the mail every week or month and feel the love from another Treasury check from the smartest man who has ever lived.

  2. Tater Salad says:

    Conservatives don’t buy the Obama “spin” on joblessness and growth while understanding the countries situtation he has placed us in. It sure seems that the liberal media with its viewers and supporters can be led down the road which is named “The Gullible Road” and here is why:


  3. bobdog says:

    You aren’t suggesting that the Obama administration is cooking the books, are you? He has some of the most brilliant minds in academia working for him. Whether they get government paychecks or not. Some of them work for Reuters, NPR, the network news departments, the NAACP and the New York Times.

    I have never seen a more blatant attempt at information manipulation in my lifetime, and I didn’t just drop off the turnip truck last week. I’ve been around a long time. There’s something very wrong going on here. This is more than just liberal ideologues “getting it wrong”.

    I don’t say this lightly: this is dangerous stuff.

    • Liberals Demise says:

      “ROGER THAT” bobdog!!

      The Fourth Estate has fully moved into the slave quarters on the Obama Plantation. We are living dangerous times when the ‘watchdog’ sleeps with the burglar!!

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