Thursday, February 10, 2011

The Silly Latest Unemployment Figures: Initial Claims Drop, Extended Rise!

The latest foolish unemployment numbers were releaed today showing that Americans filing first-time claims for unemployment insurance "fell to the lowest since July 2008".

The jobless rate declined to a 21-month low, if you are to trust those figures. The numbers are going up and down like a yo-yo lately and have become largely irrelevant, hwoveer, the media goes crazy, and so do the markets when they are relased.

Bloomberg reports. "Applications for jobless benefits decreased by 36,000, more than forecast, to 383,000 in the week ended Feb. 4, Labor Department figures showed today. Economists forecast claims would fall to 410,000, according to the median estimate in a Bloomberg News survey. The total number of people receiving unemployment insurance fell, while those collecting extended payments increased."

Please do take a look at that last sentence:

"while those collecting extended payments increased"
"A slowdown in firings means U.S. companies may begin creating enough jobs to keep unemployment going down after the rate’s biggest two-month decline since 1958. Federal Reserve Chairman Ben S. Bernanke yesterday said the jobless rate will likely stay high “for some time” as companies remain reluctant to add to payrolls".

If things are improving, would that be the case?

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