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‘Unrevised’ Jobless Claims Are Up 3,000

From a relentless Associated Press:

US unemployment aid applications stay at 370,000

CHRISTOPHER S. RUGABER

May 17, 2012

WASHINGTON (AP) — The number of people seeking unemployment benefits was unchanged last week, suggesting steady gains in the job market.

Look at that headline and lead. That is journalistic malpractice in several ways. First, how does the number of people seeking jobless benefits staying the same suggest "steady gains in the job market"? At the very least it would suggest that the jobs market is staying the same.

Secondly, the number of new unemployment claims actually went up, when you compare apples to apples. The only reason the MSM and the administration (but we repeat ourselves) can claim this week’s number is unchanged is because last week’s number was revised up by 3,000. Just as it has been for 17 weeks in a row, and 62 out of the last 63 weeks.

But comparing apples to apples, the unrevised number to the unrevised number, this week’s new claims number is actually up by 3,000. Just as it has been for the past few weeks, despite all the headlines to the contrary.

The Labor Department says weekly unemployment aid applications were a seasonally adjusted 370,000, the same as the previous week. The four week average, a less volatile measure, fell to 375,000.

Applications for benefits surged in April to a five-month high of 392,000. They have fallen back since then and are near the lowest levels in four years.

The decline suggests hiring could pick up in May after slumping in the previous two months. When applications drop below 375,000 a week, it suggests the unemployment rate will fall.

We have been hearing this same tune for how many years now?

But the AP has told us that the only important thing is Obama’s re-election. And they have also admitted that the only way he will be reelected with such bad unemployment numbers is if the public is convinced that the jobless number is trending down.

So week after week now, we have been told the new claims number is going down. And we will be told that from now until November.

It isn’t very subtle, but it is probably effective.

This article was posted by Steve on Thursday, May 17th, 2012. Comments are currently closed.

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