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JOBLESS DATA SKEWED
The New York Post ^ | 11/19/03 | Reuters

Posted on 11/19/2003 8:04:53 AM PST by Afronaut

Edited on 05/26/2004 5:17:29 PM PDT by Jim Robinson. [history]

November 19, 2003 -- The U.S. Labor Department, at the urging of Federal Reserve Chairman Alan Greenspan, is working to fix a statistical quirk that causes the government to routinely underestimate the number of newly unemployed Americans each week, a department official said.


(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy
KEYWORDS: economy; jobless; unemployment

1 posted on 11/19/2003 8:04:53 AM PST by Afronaut
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To: Afronaut
Same system we've used forever.
Odd the The U.S. Labor Department (ahem) would want to dissect each and every number now. Could it be they voted for............Al Gore?
Nah, couldn't be political. I mean, why would labor (Socialist Workers Party) groups be putting presser on the administration of a freedom loving and capitaist minded president?
2 posted on 11/19/2003 8:12:40 AM PST by concerned about politics ( So it is. Amen.)
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To: Afronaut
More accurate statistics are a good thing. But when they fix the method of gathering these statistics, and the "number of newly unemployed Americans each week" goes up (which is the expected statistical outcome), will the major media outlets remind everyone of the change in methodology, or will they say that Bush's economic policies are a joke?

I'm on pins and needles to see which way it's played out!

3 posted on 11/19/2003 8:12:48 AM PST by ClearCase_guy (France delenda est)
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To: Afronaut
The data's importance has climbed in recent months as concerns about a "jobless recovery" from the 2001 recession threatened to undermine economic growth

The data's "importance" has climbed because the media has fueled concern over a phantom condition. Employment, for as long as they've been tracking it, has been a lagging indicator.

Essentially, the media have looked out the window at sunset and suddenly exclaimed "but what if the sun doesn't rise tomorrow?".

4 posted on 11/19/2003 9:16:59 AM PST by Mr. Bird
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To: Afronaut
Greenspam suddenly taking an interest in fixing a "problem" in the unemployment stats. Make me go Hmmmmmm.
5 posted on 11/19/2003 9:17:59 AM PST by teletech (Have we dug up Saddam yet?)
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To: teletech
Greenspam suddenly taking an interest in fixing a "problem" in the unemployment stats. Make me go Hmmmmmm.

Looks like we need another tax break.

6 posted on 11/19/2003 9:22:05 AM PST by concerned about politics ( So it is. Amen.)
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To: Afronaut
it has also revised the previous week's number upward,<./i>

One reason for this is that claims are frequently filed in one week and backdated to the prior week.

7 posted on 11/19/2003 12:54:15 PM PST by aimhigh
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