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Jobless Rate Down More Than Expected

From those (endlessly surprised) economic mavens at Reuters:

Jobless claims drop by much more than expected

Wed Dec 31, 2008

By Alister Bull

WASHINGTON (Reuters) – The number of U.S. workers filing new claims for jobless benefits slumped 94,000 last week, government data on Wednesday showed, but seasonal factors were likely behind this unexpectedly large decline with the labor market remaining very soft.

Initial claims for state unemployment insurance benefits fell to a seasonally adjusted 492,000 in the week ended Dec 27 from an unrevised 586,000 the prior week, the Labor Department said. It was the lowest reading for initial claims since the week ended November 1, 2008, and the steepest decline since 1992

A Labor Department official said the timing of the year-end holidays and volatility in factors used to seasonal adjust the data was likely to blame for the large decline in initial weekly claims, and he warned this situation could persist for several more weeks.

"The numbers seemed unbelievable but the states certified they were correct," the Labor Department official said…

You see, there have never been “seasonal factors” in years past. So this really isn’t good news, no matter what it sounds like.

Still, someday our media watchdogs will not be surprised by news that confounds their economic experts.

In fact, watch this eight year pattern start to turn around about 21 days from now.

This article was posted by Steve on Wednesday, December 31st, 2008. Comments are currently closed.

6 Responses to “Jobless Rate Down More Than Expected”

  1. proreason says:

    Hiring usually picks up in January. That’s when the new budgets come into effect.

    If history holds true, The turning of water into wine can be announced in February.

    Unless BushRoveHitler was even more devious than we thought. And wouldn’t it be just like him to plant a poison pill to interrupt the Messiah’s long-awaited ascendency to the throne?

  2. RedRight08 says:

    Amazing that this report got published. If only they could have held this news back for 3 weeks this could have been the first “miracle” of Obamy.

  3. 1sttofight says:

    Still, someday our media watchdogs will not be surprised by news that confounds their economic experts.

    Have you ever known an economic expert to be right in their predictions?

    I never have. Some of them are not even decent guessers.

  4. VMAN says:

    I watch CNBC and FOX from time to time during the day and I did not hear anything about this. I just looked at Drudge and did not see anything about this. Maybe I just missed it. Look for the economy to improve in 21 days. The MSM will lay off. The papers will lay off and the liberal bloggers will lay off. There will be a perception of things getting better which will calm peoples fear. Even if things truly get worse it won’t be reported. Obama’s plans, whatever they may be, will be reported as the exact right thing to do. Maybe he will keep his nose out of things enough for the economy to fix itself. It’s going to happen. It’s going to piss me off to no end but it’s going to happen. I keep seeing polls and hearing reporters ask people if they want to see Obama succeed. I want to see this country succeed but I want to see Obama FAIL miserably!!!!

  5. cjokry says:

    The number of U.S. workers filing new claims for jobless benefits slumped 94,000 last week

    Note the use of the word “slump”, even when describing positive, uplifting economic news. They’re so palpably unhappy about this that they’re basically trying to deny the veracity of the reports by quoting an (unnamed) Labor Department official.

  6. 12 Gauge Rage says:

    Claims for jobless benefits drop for one of two reasons: one, people find work or two, the time runs out for unemployment insurance and people simply give up looking for work. Or maybe this whole economy shambles has been fabricated to empower one political party over the other at the expense of the American public. When in the throes of despair it’s easy for people to look to someone who claims to have all the answers to their problems.

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