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Jobless Number Revised 68 Of Last 69 Weeks

From Reuters:


Jobless claims fall last week, but still high

June 28, 2012

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits fell last week, government data showed on Thursday, but remained too high to signal any major improvement in the labor market.

Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 386,000, the Labor Department said. The prior week’s figure was revised up to 392,000 from the previously reported 387,000.

Given that it was revised up by 5,000, this week’s number only fell by 1,000 instead of the 6,000, when comparing apples to apples.

Also, it should be noted that according to today’s Department of Labor’s news release, if the number was not seasonally adjusted, the number of new claims actually increased 3,870 from the previous week.

Which makes you wonder exactly what they ‘adjust’ to get the number 9,870 (6,000 + 3,870) claims lower than it would have been otherwise. Maybe it is ‘seasonally adjusted’ for the campaign season.

By the way, the weekly jobless claims number has now been revised up 23 weeks in a row, and 68 out of the last 69 weeks.

Economists polled by Reuters had forecast claims easing to 385,000 last week

They are even more consistently wrong than the DOJ. You wouldn’t think that was possible.

The jobless rate rose in May for the first time since last August and could remain elevated as most states stop offering extended benefits to the long-term unemployed.

Only six states and the District of Columbia were offering extended benefits in the week ended June 9. A total of 5.9 million people were claiming unemployment benefits under all programs during that period, up 71,724 from the previous week.

Here comes the excuse for why unemployment is going up right before the elections. The Republicans did away with extended unemployment benefits.

But aren’t you still unemployed even if you aren’t getting benefits?

This article was posted by Steve on Thursday, June 28th, 2012. Comments are currently closed.

One Response to “Jobless Number Revised 68 Of Last 69 Weeks”

  1. heykev says:

    Funny how the only place that seems to be tracking the numbers revisions is S&L!

    Keep up the good work Steve!


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