It's a Miracle! Initial Jobless Claims Rise to 327k [NSA], But Miraculously Fall to 339k [SA]

Confounded Interest ^ | 10/11/2012 | Snakeeyes Econ

[whitedog57]

The Bureau of Labor Statistics have another election present for President Obama: initial jobless claims dropped to their lowest point since 2008. Initial jobless claims fell to 339k and an upwardly revised (of course) figure of 369k from the previous week.

This nosedive in initial jobless claims is consistent with the BLS’ “Hail Mary!” jobs report released last week where 873k jobs appeared as if President Obama prayed at Lourdes for a miracle.

On the other hand, initial jobless claims ROSE by 26k to 327k on a non-seasonally adjusted (NSA) basis.

It appears that consumers aren’t buying it. The Bloomberg Consumer Comfort index fell and continues to remain in negative territory.

Oh, and one large state didn’t submit their estimate in time. So, we will see yet ANOTHER revision next week or so.

Here is a photo of President Obama, Labor Department Secretary Hilda Solis and her BLS staff on their pilgrimage to Lourdes for an election-time miracle.

[whitedog57]

LOL! One large state didn't finish submitting their numbers, so the jobless claims numbers are much better than they really are.

[Signalman]

"I'm proud of Obama's Dept. of Labor. They have learned well".

[OrioleFan]

I heard on the radio this morning the BLS won’t name the large state that didn’t report.