Bush,
Irene,
Japan,
Tea Partiers:
Posted on 08/25/2011 6:06:43 AM PDT by Free Vulcan
New applications for U.S. unemployment compensation rose 5,000 to 417,000 , the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000...
The average of new claims over the past four weeks, meanwhile, increased by 4,000 to 407,500...In addition, the Labor Department said the number of Americans who continue to receive state unemployment checks fell by 80,000 to 3.64 million in the week ended Aug 13. Continuing claims are reported with a one-week lag.
(Excerpt) Read more at marketwatch.com ...
There likely is not a nefarious reason for the upward revisions — although I can’t rule that out.
The real reason for the upward revisions is more ominous for the overall economy.
Economists — vetted as being relatively non-partisan — have told me that a pattern of upward OR downward revisions suggests a direction of momentum.
For example, during the mid years of the GWB administration, the typical pattern was to have upward revisions in the payroll numbers, and downward revisions in the jobless claims.
Why? the economy and the job markets were tending to grow during those — seem like so long ago — years of 2003 through 2007.
So the direction of the revisions suggested — although were no guarantee — a direction of the future economy.
Similarly, the pattern of upward revisions for the jobless claims is a hint that the direction for employment is toward EROSION — NOT healing.
It also may be that this means the jobless claims never got below 400K for a lengthening streak of weeks and months.
WSJ said the weekly numbers have been below 400K only once since April. But it wasn’t clear if that included the final figures after the usual upward revisions.
LOL, Perry the Platypus will save us!
Bammy always accused Republicans of driving the economy into the ditch but Americans are now realizing that there’s nobody at the wheel.
the obama economy.
And obama is doing what? Partying and golfing, golfing, golfing, golfing-— nat a care in the world. He does not need a job, he is set for life.
You can apply, but getting it is another thing.
Was that the week they crowed about being under 400k? Then they revised up to 408K. And now its 412k
Earthquake’s Fault!!
Summer of Recovery II
I’m not sure that a 1% revision is a conspiracy.
However, the revision is always up. Umm, why is that?
That’s OK. Most economist (who the MSM consult) say that jobless claims under 700,000 signify a stable job market. (sarcasm, in case it wasn’t obvious).
Just read this:
U.S. workers are usually denied jobless benefits when they go on strike. After all, they walked off the job.
Except in New York. The state is the only one in the U.S. that in some cases allows striking workers to receive unemployment benefits, according to a union official.
Apparently thousands of workers at Verizon Communications are trying to take advantage of the rare law. During a two-week strike that ended Tuesday, about 21,000 union members filed applications for unemployment compensation, according to the U.S. Labor Department.
Revised, unexpected, why does anyone put any stock in these numbers? How many times do they have to play this song and dance before everyone realizes it’s all BS?
Nothing but green shoots do I see.
402 revised + 399 revised +412 revised + 417/4=407500, so article is right but 3 of the weeks have been revised so far. With respect to another comment, earthquake didn’t cause first time claims but it will impact next week’s number. Who was dumb enough to go to unemployment office while or after earth quake not to mention that government employees were long gone to take first time claims
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