[newzjunkey]

Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 370,000, the Labor Department said. The prior week's figure was revised up to 372,000 from the previously reported 370,000.

Let's review here... initial claims had been 368,000 three weeks ago.

In last week's report it was adjusted up to 370,000 then last week was initially reported at 370,000 so the media said "unchanged" even though comparing initial-to-initial it had risen 2,000.

Now that last week has been adjusted up, by 2,000, where it was already 2,000 over the prior week's initial claim, they're saying the numbers are down by again comparing the initial again to the adjusted for the prior week.

We've gone from 368,000 to 372,000 and it's written in such a way as to hide the bad news.

This slight-of-hand reporting is crafted to create an illusion of stability or even improvement.

An honest mind boggles at the open duplicity.

[John W]

Absolutely excellent dissection.

[ichabod1]

Especially when they infer expansion of the labor market from it, rather than comparing the size of the labor market last week to this week, which they CAN do if they want. Should show a labor market that’s been sliding since... oh just about 4 years ago.