[MikeWUSAF]

The numbers, "plunged" according to the WSJ:

http://online.wsj.com/article/SB124714236685317839.html

Initial claims for jobless benefits plunged 52,000 to a seasonally adjusted 565,000 in the week ended July 4, the Labor Department said in a weekly report Thursday.

But...

On the surface, the latest figures would appear to suggest some welcome improvement in labor-market conditions at the start of July. Last week, the government reported a surprising re-acceleration in layoffs during June, with payrolls falling 467,000. That pushed the unemployment rate up to 9.5%, the highest level since 1983.

But a Labor Department analyst cautioned that weekly claims data can be volatile this time of year. Based on historical patterns, government statisticians expect big increases in jobless claims as automobile companies and other manufacturers temporarily idle plants, and adjust their seasonal adjustments accordingly. Later in the month, those seasonal adjustments will expect big declines in unadjusted claims.

However, this year, automobile layoffs that would have happened this week either already happened or didn't materialize yet, the analyst said.

And other aspects of the report continue to reflect dismal employment prospects for the unemployed. The tally of continuing claims, those drawn by workers collecting benefits for more than one week in the week ended June 27 soared 159,000 to 6,883,000.

[Reeses]

the week ended July 4

July 3rd was a holiday at the unemployment office. They were closed 20% of the week and their volume fell 10%. All they need to do is stay closed 100% of the time and unemployment filings will drop to zero.

[ichabod1]

YIPPEE SKIPPEE!!!!!