Pres. Obama's Reality Land Happens On Thursdays
Claims for jobless benefits UNEXPECTEDLY (yeah, as if!) climbed by 6,000 to 386,000 in the week ended June 9 from a revised 380,000 the prior week that was more than first estimated, Labor Department figures showed today in Washington. Economists projected claims would fall to 375,000, according to the median estimate in a Bloomberg News survey. Image Credit: Jessica Rinaldi/Reuters
Pres. Obama's Reality Land Happens On Thursdays
With yet another revised release of information on Thursday ... the Thursday AFTER the Friday release of economic indicators found in employment and additional Government assistance, the news is always worse than reported. It is good during this 44th Presidency to never focus on the Friday numbers but to focus always on these Thursday numbers because they are almost always at least 15% more realistic.
Everyone fudges in politics but the Obama Administration has brought this process to an art of habit. Unemployment or other economic information is initially released and then this information is almost always revised by at least 15% or more in an additional negative direction ... in other words the information is WORSE than originally reported.
This excerpted and edited from Fox News -
US unemployment aid applications rise to 386K
Published June 14, 2012 - Associated Press
More Americans sought unemployment aid last week, suggesting hiring remains sluggish.
The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week.
The four-week average, a less volatile measure, rose for the third straight week to 382,000. That's the highest in six weeks.
Weekly applications are a measure of the pace of layoffs. When they drop below 375,000, it typically suggests hiring is strong enough to reduce the unemployment rate.
"The trend in jobless claims suggests ... that the underlying pace of employment growth has softened," said Bricklin Dwyer, an economist at BNP Paribas.
Applications fell steadily during the fall and winter but have since leveled off.
At the same time, hiring has slowed, raising concerns about the pace of the recovery. Employers added an average of only 96,000 jobs per month in the past three months. That's down from an average of 252,000 in the previous three months.
Continued on the next page
Follow Technorati