Skip to comments.Initial Jobs claims fall to 292k due to computer upgrades in two states (Zero Hedge)
Posted on 09/12/2013 5:35:37 AM PDT by Perdogg
BWAHAHAHA: LABOR SAYS CLAIMS DROP DUE TO COMPUTER UPGRADES IN TWO STATES— zerohedge (@zerohedge) September 12, 2013
What 2 states are missing?
Unbelievable to me that they would put this number out knowing that it is that flawed. revised next week sure but it’s a useless release.
A few days ago we showed what happens when the Bureau of Labor Statistics is caught in a blatant lie. And while we exposed the difference between the NFP and the JOLTS data series, which in some ways are the “stock” effect of labor, it meant that the BLS also had to adjust its “flow” component: the initial weekly claims. Lo and behold, moments ago the DOL just reported last week’s initial claims, which printed at a ridiculous 292K, 38K below expectations and the lowest level since April 2006, down from last week’s 323K. On the surface great news. The problem once again is that this was a bold faced lie. Only this time even the BLS admitted as much:
LABOR SAYS CLAIMS DROP DUE TO COMPUTER UPGRADES IN TWO STATES
LABOR SAYS FAULTY REPORTING BY STATES RESPONSIBLE FOR DROP
Specifically, a larger state and a smaller one that retooled their computer networks still provided the Labor Department with applications counts. Furthermore, the BLS also said that the decrease in filings probably didnt signal a change in labor-market conditions. In other words, the number is garbage, and the BLS knows the reporting is faulty, but let’s go ahead and report it anyway.
WTH does this mean?
It means: Obama is going great. Now shut up.
This week they are admitting the data is bogus. Next week they’ll return to reporting bogus data as legitimate.
They got it wrong, The fall to 292k this week is good. Next weeks gain will be due to a computer glitch.
it means Obama can fix the economy by his handlers fixing economic data being released about the economy
there hasn’t been an honest govt report about the economy for 5 years
thank God for the hardworking people in the USA who simply keep getting up everyday, going to work, and doing what they have to do to keep pushing this elephant uphill. They know it is getting harder and harder.
Too bad in past 5 years so many monkeys have climbed on that elephants back
Nice work by ZH as usual. Love this line:
advice to the BLS: when manipulating data series across dimensions, make sure the manipulations foot across, and not just in 1 dimension
It means they’re running out of ways to pad the numbers.
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