This morning the jobless claims fell 9,000 to a still high 423,000. But take a harder look at all these numbers.
Zero Hedge blogs sees that, once again, the Bureau of Labor Statistics had fun with numbers. Last week the jobless number was 428,000; then this week the number was readjusted to 432,000. This makes today’s drop look better than it actually was. ZH says the BLS has “fudged” so much “we are stunned anyone falls for it.”
He goes on to say “and one thing that will almost certainly be ignored is that the 423,000 number is really 427,000 because as the BLS reported, a -3,776 drop in claims in Texas was due to ‘fewer layoffs due to holiday’ – well the holiday is over. Lastly, and more troubling for the economy is that another massive 103,000 people dropped off extended benefit claims in one week. Just as troubling is that 1.7 million people have dropped off extended benefit claims in one week.”
No wonder everyone is pessimistic.