Bogus numbers creative news writers. I don’t think anyone even cares anymore. The empty deserted work sites people go by on their morning drive, tell the tale. It’s all they need, and it’s not pretty.
Here is the tale …
Initial claims for state unemployment benefits increased 34,000 to a seasonally adjusted 386,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 352,000 from the previously reported 350,000.
Let’s turn to Zero Hedge to see what they make of the Labor Department’s data:
So much for last week’s shocking beat in Initial Claims, which as a reminder printed at 350K on expectations of 372K, driven by the July 4 holiday and, what we described were “onetime factors such as fewer auto-sector layoffs than normal likely caused the sharp decline.”
Okay, so last week’s low numbers may have actually been a fluke.
“All of this is statistical noise,” Joshua Shapiro, chief U.S. economist at MFR Inc., wrote in a note to clients.
“What will be more important than these short-term gyrations is where claims settle down after the distortions end. We suspect that the data will point to a soggy labor market.”
Why do they even bother, the inertia is all that it’s running on. The lamestream must be exhausted?
They know all the tricks in advance. And the Labor department, the good Obama soldier they are, are using everything they’ve got, to try and convince America the economy is doing fine.