I know it’s getting a bit tedious … but, , here’s this week’s unemployment claims headline:
“Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 386,000.
The prior week’s figure was revised up to 392,000 from the previously reported 387,000.”
Said differentlt: Unemployment claims (386,000) decreased by 1,000 from last week’s reported number (387,000) … but last week’s reported number (387,000) was revised up by 5,000 to 392,000 … so, this week’s number is not a decrease of 1,000, it’s a decrease of 6,000.
My bet: this week’s number 386,000 will be revised upward next week.
That’s a safe bet, since the BLS has under-reported initial unemployment claims for 67 out of the last 68 weeks.
Here’s the recap for the past 7 weeks:
Bottom line: a consistent bias – maybe statistical, maybe political – that provides Obama with jobs’ headlines more favorable than reality
Either the BLS has the worst statisticians on the face of the earth, or they’ve become political hacks.