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Weekly Unemployment Benefits Claims Rise 4K

From the always reliable Associated Press:

US unemployment aid applications rise to 367K

By MARTIN CRUTSINGER | Thurs October 4, 2012

WASHINGTON (AP) — The number of Americans seeking unemployment benefits rose to a seasonally adjusted 367,000, a level consistent with only modest hiring.

Look at the AP’s headline and lead. A ‘low information voter’ might think it is good news. Which, of course, is what the AP counts on.

Weekly applications increased last week by 4,000 from the previous week’s level of 363,000, the Labor Department said Thursday. The previous week was revised higher from an initial reading of 359,000.

It’s quite odd for AP to mention that the prior week’s number was revised up. For the record, the previous week’s claims number has now been revised up for 36 weeks in a row and 82 of the last 83 weeks.

The four-week average, a less volatile measure, was unchanged at 375,000…

Unemployment benefit applications are a measure of the pace of layoffs. When they consistently fall below 375,000, it typically indicates that hiring is strong enough to lower the unemployment rate…

Well, thank goodness we are still at the magic number of 375,000.

There are only two employment reports left before Election Day, so Friday’s figures could have a major impact on the presidential campaign…

So you know they are going to be heavily massaged seasonally adjusted.

Economists predict employers added 111,000 jobs last month, only slightly more than the 96,000 jobs added in August. The unemployment rate is expected to tick up to 8.2 percent from 8.1 percent in August…

Notice that the economists predict more hiring and yet they say the unemployment rate will go up. That just tells you how perverted the whole process has become.

Thursday’s report showed that the total number of people receiving unemployment aid fell slightly. About 5.09 million people received unemployment aid in the week ending Sept. 15, the latest figures available. That’s 85,000 lower than the previous week…

Only because extended unemployment benefits are running out all across the country.

This article was posted by Steve Gilbert on Thursday, October 4th, 2012. Comments are currently closed.

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