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Previous Week’s Jobless Claims Were Up

From an always discreet Associated Press:

Fewer people sought unemployment aid last week

By Christopher S. Rugaber, AP Economics Writer
July 7, 2011

WASHINGTON – The number of people applying for unemployment benefits fell last week to the lowest level in seven weeks, although applications remain elevated.

The Labor Department said Thursday that applications for benefits dropped by 14,000 to a seasonally adjusted 418,000. The four-week average, a less volatile measure, declined for the first time in four weeks, to 424,750…

We mostly have noted this article because no where in it does the Associated Press bother to mention that last week’s new claims figure was revised upward, exactly as we had predicted.

In fact, last week’s number was revised up by 4,000. Which means that all of the media reports about the 1,000 claims decline were false. In reality, the number of jobless claims went up last week by 3,000.

But that is a minor detail the AP will never report. After all, they and their bosses got the headlines they wanted last week.

Meanwhile, undeterred, they are off on another stroll through fantasyland:

Stock futures rose after payroll processor ADP said the private sector added 157,000 jobs last month. That was more than double what economists had forecast.

The government will release its June employment report on Friday. Economists expect employers added a net total of 90,000 jobs last month and the unemployment rate remained stuck at 9.1 percent, according to a survey by FactSet.

But the ADP and unemployment benefits reports caused several economists to boost their forecasts for hiring in June

And never mind that the ADP’s rosy projections have proven wildly wrong in the past. The AP is only too happy to be bamboozled.

The economy slowed this spring, partly because of temporary factors. High gas prices forced consumers to cut back on discretionary purchases, such as vacations and appliances, which help drive growth. And the March 11 earthquake in Japan led to a parts shortage that reduced U.S. manufacturing output

And it was cloudy a few days, too.

The economy should grow at a 3.2 percent pace in final six months of the year, according to an Associated Press survey of 38 economists

And, of course, we believe them. After all, when have they ever been wrong before?

And never mind that 3.3% growth under President Bush was called a recession.

This article was posted by Steve on Thursday, July 7th, 2011. Comments are currently closed.

4 Responses to “Previous Week’s Jobless Claims Were Up”

  1. untrainable says:

    Wow! Looks like Obie’s laser-like focus on jobs is finally paying off… right kids?… [crickets]

  2. Liberals Demise says:

    This is getting to be a broken record month after month. (week after week)
    I suggest that if AP is going to continue reporting Obamao regurgitation
    that they have their lips scraped of BlackBarry of the previous reports. Because the reports stink of fecal matter.

  3. artboyusa says:

    BARACK OBAMA, America’s next one term president (unless our side screws it all up, which we probably will, knowing us) gets busy fixing America again in “Of Human Bondage”!

    “This economic forecast is not good” said the President. “It’s bad, in fact”.

    “McGovern in ’72 bad” fretted Vice President Biden.

    “The Hindenburg crashing into the Titanic full of blind orphan nuns at Pearl Harbor bad” said Treasury Secretary Geithner.

    “This is your best girlfriend dumps you just because you’re a woman and can’t give her a baby and marries some rat faced rat fink Congressman who sends pictures of his dinky to some bimbo who he never even met and then she comes back all ‘boo hoo hoo’ and wants to cry all over your shoulder, the stupid slut bad” ranted Secretary of State Clinton. “What? Why is everybody looking at me? What?”

    “Um, thank you, Hillary. Thank you, Mr Secretary” said the President. “You know Timmy; back in 2008, when I was considering your appointment, a lot of people– a lot of people – said to me ‘Don’t do it, Mr President. Don’t give the Treasury job to Tax Dodger Timmy’. Give it to someone honest’ but I said No, this is a financial emergency, dammit. We don’t have time for honesty’”.

    “Um, thank you for your confidence, sir” grovelled Geithner.

    “Yeah, well maybe I got that call wrong”. The president looked slowly and meaningfully around the table at his assembled Cabinet. “Maybe I should have waited. The kind of economy- stays-down-the-toilet scenario you’ve just outlined spells disaster for our country and, more importantly, for my re-election prospects. Who’s going to keep fixing the country if I’m not around, Timmy? Huh? You? Him? That? Huh? You tell me”.

    “I’m, um, sorry, sir” mumbled Geithner, feeling the sweat start to run down his back.

    “Sorry don’t cut it, Timmy”.

    “Yeah, Timmy” interjected Vice President Biden helpfully.

    “But Mr President we’re locked into an economic death spiral! Too much money out! Not enough money in! Result: a challenging economic picture! The only way out would be… dare I say it? Dare I even think it? Well, radical action, sir…deeply radical action”.

    “What? Like raise taxes? Like throw another couple trillion at it? We’re liberals; we only have one or two economic ideas. Well, okay I guess…”

    “No sir, I mean…radical action. Outside the box – outside the law even”.

    “Oh? Like?”

    “Like allowing unemployed people to, um, be, you know…bought. And sold”.

    “WHAT???! Are you intellectually challenged or something, Timmy? That’s monstrous, that’s inhuman, that’s slavery!”

    “No sir! Well, not exactly. Not if we call it something else. Call it ‘slavery’ or call it ‘vassalage’ or ‘thralldom’ or helotry’ or ‘peonage’ or whatever; it’s all a matter of positive presentation”

    “Maybe” mused the president. “After all this is the same country where Casey Anthony got a jury to buy her phoney-baloney story, so, hey, anything’s possible. God made Americans free and then he made them gullible and dumb”.

    “Yes sir! And no one knows that better than yourself. We’d call it ‘Self- Chattelization’ or ‘the Personal Thralldom Initiative’ or whatever the focus groups tell us people are comfortable with and it will go down fine. Lots of unemployed people would welcome the opportunity to be able to sell themselves and/or their children into, um, chattelization to pay their mortgages, college fees, doctor bills, car insurance and so on and other people , perhaps more fortunate or more fiscally endowed, would be able to, um, buy them. And sell them on the open market. It’s as American as apple pie, sir!”

    “Mr President!” exclaimed Biden “I gotta protest! This is crazy talk, sir, this…this selling of American citizens into bondage and slavery!”

    “It wouldn’t be the first time, Mr President” cooed Geithner, thinking of the Federal tax code.

    “Hang on, Joe” soothed Obama. “Let’s not close our minds to new ideas. Let’s just see where he’s going with this. Carry on, Timmy”.

    “Thank you, sir” smiled Geithner. “You see, ladies and gentlemen, under my plan there would be millions, billions even, in taxable revenue generated overnight. People would flock to the auction rooms to inspect the latest, um, human crop and place their bids! The unlucky slaves, I mean self-chattels, would welcome their new personal security, along with knowing that they’ll be given useful field work and warm food and some of Massa’s bestest cast off overalls and sturdy work shoes”.

    “Hmmm…interesting” murmured Obama.

    “These, um, chattels” wondered Secretary of State Clinton. “Some of them would be, um, women wouldn’t they? Young women? With thick, gleaming hair like spun gold and firm, perfect flesh that smells like warm honey? High breasted, firm buttocked, pouting lipped womanly women? And they’d, you know, have to obey me and, um, do what I said, wouldn’t they? Obey me no matter what?”

    “Yes sir!” confirmed Geithner. “I mean, Ma’am. They would have to conform to your every directive or they’d go straight to the Whipping House”.

    “Whipping, eh? I hadn’t thought of that” mused Hillary. “Whipping…”

    “I don’t know, Timmy” fussed Obama, shaking his head. “Did I become this nation’s first Halfrican president just to re-introduce human slavery, no matter what it’s called or how much revenue it generates or how honey-scented and whippable the slaves might be? Was that the dream from my father?”

    The assembled Cabinet looked blankly at the president.

    “Dreams from my father – it’s a book! I wrote it! You all had copies in your Welcome Packs when you started. You did read it, didn’t you? Aw, forget it… I mean, where does this all end? Slavery; what’s next – selling poor people for food or hunting them for sport?”

    “Well, sir” said Geithner. “Now that you mention it, I have prepared some very interesting back up contingencies along those very lines…”

  4. P. Aaron says:

    Blame the ‘corporate jet’ cabal for not hiring enough people.

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