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New Weekly Jobless Claims Rise Unexpectedly

From an ever crafty Reuters:

Weekly jobless claims rise less than expected

By Lucia Mutikani | Thursday August 2, 2012

WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits rose less than expected last week, but the data continues to be influenced by distortions from seasonal auto shutdowns.

Notice how the Reuters headline and lead makes sound like this is good news, when, in fact, new claims are up by 8,000.

Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 365,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 357,000 from the previously reported 353,000.

Last week’s number was revised up by 4,000. Which makes 28 weeks in a row, and 73 of the last 74 weeks when the number has been revised up.

"The claims number is not that bad. There does seem to be some difficulty dealing with the seasonals this time of year whether it’s auto plant closures or lack thereof," said Cary Leahey, a senior economist at Decision Economics in New York.

Economists polled by Reuters had forecast claims rising to 370,000 last week…

It’s funny, but the Reuters article from last week never mentioned any such dire prediction. In fact, we usually never hear anything but wildly optimistic predictions from the Reuters economists. Which always turn out to be wrong.

So why are they claiming this now? So they can put out a headline like this did, that makes it sound like there is good news when the news is actually bad?

Temporary plant shutdowns by automakers for annual retooling cause wide swings in claims data in July, which makes it difficult to get a clear picture of the labor market’s health…

There is always some excuse. But we don’t recall hearing such excuses during Bush’s tenure.

This article was posted by Steve Gilbert on Thursday, August 2nd, 2012. Comments are currently closed.

6 Responses to “New Weekly Jobless Claims Rise Unexpectedly”

  1. Reality Bytes

    01/22/12″ “Get up off your skinny ass & get down to unemployment & get your check!”

    “Yes dear.”

    - This Barry & Michelle Future Moment brought to you by REAL, the Reawakened & Energized Americans for Liberty.

  2. JohnMG

    Unexpectedly??!! Then why have I come to expect it?

  3. beautyofreason

    How many times must the “unexpected” happen each month until it becomes expected?

    • Right of the People

      “Unbeknownst to them but knownst to us the New Weekly Jobless Claims Rise Unexpectedly.




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