Thursday, September 9, 2010

The Latest Unemployment Claims: 9 Nine States Did Not Report

Another example of sheer misinformation and spin. The headlines report that unemployment claims are better than expected. Well, they may be, however...

"For the latest reporting week, nine states didn’t file claims data to the Labor Department in Washington because of the federal holiday earlier this week, a Labor Department official told reporters. As a result, California and Virginia estimated their figures and the U.S. government estimated the other seven, the official said".

So are they?

Claims "dropped" by 27,000 to 451,000 in the week ended Sept. 4.

Also, the "total number of people receiving unemployment insurance was little changed, while those getting extended payments rose" (Bloomberg)

It is amazing that anyone believes and follows these numbers.

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