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Reuters: Labor Market ‘Still Slowly Healing’

From Reuters:

Jobless claims fall, labor market still on mend

Jason Lange
June 7, 2012

WASHINGTON (Reuters) – The number of Americans lining up for new jobless benefits fell last week for the first time since April, a reminder that the wounded labor market is still slowly healing.

For what it is worth, Reuters has already changed their headline to the slightly less rosy: "Jobless claims fall for first time since April."

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 377,000, the Labor Department said on Thursday. That was spot on the median forecast in a Reuters poll.

Which must be a first. However, when this number is revised down as it always is, the Reuters poll will be wrong. Speaking of which:

The government revised the prior week’s figure up to 389,000 from the previously reported 383,000.

That is to say, the Department of Labor once again revised up the new claims number from the prior week. This time by 6,000. Which means, in reality, that today’s claims number actually only dropped by 6,000, which is half of what Reuters and the rest of the news media are now trumpeting.

Prior to last week, claims had risen in four consecutive weeks, adding to concerns over several months of lackluster hiring data

The Labor Department last week said job growth slowed in May for the fourth straight month, heightening concerns that the deepening debt crisis in Europe and a slowdown in China were starting to dampen an already lackluster recovery.

Concerns over the course of fiscal policy may also be weighing

What’s this? Could Reuters finally be conceding that Obama’s fiscal policy might actually be hurting the economy?

It it possible?

This article was posted by Steve on Thursday, June 7th, 2012. Comments are currently closed.

2 Responses to “Reuters: Labor Market ‘Still Slowly Healing’”

  1. Tater Salad says:

    The President, Barack Obama has just released his new theme song for his re-election campaign for 2012:


  2. yadayada says:

    revising down, seasonally adjusted, cooking the books
    pick a euphemism

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