Now we’re up to 72 out of 73 weeks — and, at least 13 weeks in a row — that the BLS’s “headline number” has under-reported the number of initial unemployment claims … and cast the jobs situation as brighter than it really is.
Based on Thursday’s BLS report, the number for the week ending July 21 was revised upward from 353,000 to 357,000.
In itself, the 4,000 isn’t a big deal.
But, in context it is
Again, I ask: statistical bias or political bias?
If the former: fix it already, BLS.
Hint to BLS: just add 2k or .8% to your prelim forecast !
* * * * *
Almost forgot …
Ahead of this morning’s BLS unemployment report, Gallup’s unemployment rate bumped up .2% during July and first time unemployment claims increased last week.
My bet BLS will claim we’re steady at 8.2% … and, further nick their credibility.
Errata: last line of chart should be dated 7/28/12 … sorry.