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Unemployment Claims Fall Less Than 1%

It’s Thursday, which means it’s time for the weekly spin of the latest unemployment numbers from the rosy-glassed Associated Press:

New claims for unemployment insurance inch down

By Christopher S. Rugaber, AP Economics Writer

May 13, 2010

WASHINGTON – New claims for unemployment benefits dipped for the fourth straight week, a sign the job market is improving at a glacial pace.

Employers, encouraged by a recovering economy, are starting to hire again. But so far the pace hasn’t been fast enough to reduce the jobless rate.

The Labor Department said Thursday that initial claims dropped last week by 4,000 to a seasonally adjusted 444,000. That’s slightly above analysts’ estimates, according to Thomson Reuters. The previous week’s total was revised up to 448,000.

Isn’t it funny how often the unemployment claims numbers seem to get quietly "revised up" a week later?

The four-week average, which smooths [sic] out volatility, registered a steeper decline. It fell by 9,000 to 450,500 — close to the average’s lowest level this year reached in late March.

After dropping steadily last year from a peak of 651,000, first-time claims have fluctuated at around 450,000 since January.

Many economists believe claims need to fall below 425,000 to signal sustained job creation

Oddly enough, no permutation of the word ‘expected’ appears in this AP article. (Though, Mr. Rugaber is still using his ‘smooths out’ macro.)

Still, this great news was “slightly above” the estimates of those experts at Thomson Reuters.

By the way, this is from LAST week’s ‘Unemployment Insurance Weekly Claims Report,’ from the Department Of Labor:

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending May 1, the advance figure for seasonally adjusted initial claims was 444,000, a decrease of 7,000 from the previous week’s revised figure of 451,000. The 4-week moving average was 458,500, a decrease of 4,750 from the previous week’s revised average of 463,250.

Note that the number of last week’s claims was exactly the same as this week’s?

So was last week’s number "revised up" up just enough so that they could claim that this week’s numbers were up?

Or is it just a happy coincidence?

This article was posted by Steve on Thursday, May 13th, 2010. Comments are currently closed.

4 Responses to “Unemployment Claims Fall Less Than 1%”

  1. NoNeoCommies says:

    Inch down?
    How about micro-millimeter down?

  2. proreason says:

    What a thrill for the 450,000 people who lost their jobs last week to know that the AP is so optimistic about the economy.

  3. Rusty Shackleford says:

    As predicted, 10% is the “new normal”. Will keep democrats in office for years to come as long as the gravy train lasts. Why work when you can vote yourself money?

    • Mithrandir says:

      Democrats ruin the work ethic, make people dependent, that paves the way for Republicans to issue austerity measures—then the rioting, then Democrats will be voted in saying there is a less cruel way……

      and that will be the oscillations of a truly crumbling society, can your food and save your bullets, because that day is coming.


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