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New Jobless Claims Are Up Unexpectedly

It’s Thursday, which means it’s time for our weekly bolt from the blue from Reuters:

Jobless claims unexpectedly rise last week

WASHINGTON | Thu Sep 23, 2010

WASHINGTON (Reuters) – New claims for unemployment benefits rose unexpectedly last week, government data showed on Thursday, highlighting continued labor market weakness.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 465,000, the Labor Department said, breaking two straight weeks of declines.

“Two straight weeks”!

Analysts polled by Reuters had forecast claims unchanged at 450,000. The government revised the prior week’s figure up to 453,000

Yet another shocker, the government revised last week’s number up. A sleight of hand which they have done for how many “straight weeks” now?

A Labor Department official said only one state had been estimated for last week’s claims report and noted that applications for jobless benefits tend to rise in the week following a holiday

What is with basing these numbers on the estimate from just "one state"? Does that make their creative accounting easier?

Also, we thought these figures were ‘seasonally adjusted.’ Was this the first year with a Labor Day holiday? How come we always get these preposterous excuses from the Labor Department?

They are not the Ministry Of Propaganda. Or are they?

The number of people still receiving benefits after an initial week of aid dropped 48,000 to 4.49 million in the week ended September 11 from an upwardly revised 4.54 million the prior week.

Analysts polled by Reuters had forecast so-called continuing claims slipping to 4.46 million from a previously reported 4.49 million

Well, it’s great to see that the Reuters analysts are consistent, albeit consistently wrong. But why do they always err on the side of optimism?

That never happened when they were trying to talk us into this recession.

This article was posted by Steve on Thursday, September 23rd, 2010. Comments are currently closed.

5 Responses to “New Jobless Claims Are Up Unexpectedly”

  1. proreason says:

    eventually enough jobless people will die from health care rationing to get the country under 20% unemployment again

  2. NoNeoCommies says:

    OMG! I am so shocked and “surprised” that claims are up despite Omama’s tireless fight to insure business knows exactly what they are in for in the near term.
    Maybe if the administration wasn’t trying so hard to take us from the “ditch” that the Liberal run congress drove us into and throw us into a socialist cesspool, we might see jobs being “saved or created”.

  3. untrainable says:

    I wonder how much money we could save by simply firing these people. They have yet to be correct in any of their predictions, and every number they come up with has to be seasonally adjusted, or estimated, or rounded up while we aren’t looking. Put them on the unemployment line, let them feed off the ever growing government teat at 20% of what they were making. Maybe that new perspective will improve their prognosticating ability.

  4. Right of the People says:

    A dartboard with Barry chucking the darts would be more accurate and a lot more entertaining if they televised it. We’d get to see the flamer in chief throw like a girl, high comedy.

  5. AcornsRNutz says:

    I am sorry, but what the hell is this seasonally adjusted crap. I can understand if the ratios or percentages of unemployed changed with the seasons, but how can the raw numbers of unemployment benefits be seasonally adjusted? Maybe I am missing the point and if someone can explain I would love the edification. To me it sounds kind of like global warming data being seasonally adjusted, and it stinks.

    And if its so unexpected, why does the fed keep upticking the numbers right after the predictions come out? If they are going to do this, why not just estimate 5 billion claims are expected, and when its only 465,000 we can clamor about how great things are? Are these boobs really that inept at spin (unlikley) or is there a reason why the media and gov keep talking about recovery but lambasting us with proof that it isn’t so? Why is the media/gov conglomerate spitting out so much confusing and seemingly contradictory information recently? I’m with wardmama (I think, if I am wrong I apologize) from a comment on another article. Something really fishy and decidedly sinister is brewing. This news month has been unbelievably weird.

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