Thursday, April 26, 2012

Weekly Initial Jobless Claims:

Revised upward.... again.
In the week ending April 21, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 1,000 from the previous week’s revised figure of 389,000. The 4-week moving average was 381,750, an increase of 6,250 from the previous week’s revised average of 375,500.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 14, unchanged from the prior week.

The advance number for seasonally adjusted insured unemployment during the week ending April 14 was 3,315,000, an increase of 3,000 from the preceding week’s revised level of 3,312,000. The 4-week moving average was 3,311,750, a decrease of 9,750 from the preceding week’s revised average of 3,321,500.

That makes 59 of the last 60 weeks where the initial jobless claims has been revised upward. Of course, by putting out a lower number initially and then revising it upward the very next the Labor Department, and by extension the Obama Administration, is able to claim that initial jobless numbers are declining week in and week out.

Over the last five weeks initial jobless claims have increased by approximately 30,000 but the Labor Department has reported that number as declining week in and week out. Jon Corzine, the criminal and Obama fundraising bundler, did the same thing in New Jersey in the months leading up to his race against Christie.

I know that the initial numbers are never going to be spot on but over the course of 60 weeks you should see upward, and downward revisions. Yet, we consistently see upward revisions with the administration claiming that the new numbers are a "decrease." There is something fishy going on and Obama needs to be called on it.

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