Posted on 10/11/2012 5:57:28 AM PDT by Perdogg
This is just getting stupid. After expectations of a rebound in initial claims from 367K last week (naturally revised higher to 369K), to 370K (with the lowest of all sellside expectations at 355K), the past week mysteriously, yet so very unsurprisingly in the aftermath of the fudged BLS unemployment number, saw claims tumble to a number that is so ridiculous not even CNBC's Steve Liesman bothered defending it, or 339K. Ironically, not even the Labor Department is defending it: it said that "one large state didn't report some quarterly figures." Great, but what was reported was a headline grabbing number that is just stunning for reelection purposes. This was the lowest number since 2008.
(Excerpt) Read more at zerohedge.com ...
Doesn’t matter how they cheated. They got the headline they wanted. This will be reported as fact on the radio breaks all day - all night on the newscasts, etc.
We are looking at pure corruption at the BLS.
Was it New York? From the report:
“Extended Benefits were only available in New York during the week ending September 22.”
http://www.dol.gov/opa/media/press/eta/ui/current.htm
California? Would make a huge dent in the rate. If it is Cal, bet the actual rate is 370,000 +
I heard it might be New York. How can we find out?
From the report:
“Extended Benefits were only available in New York during the week ending September 22.”
http://www.dol.gov/opa/media/press/eta/ui/current.htm
Not sure what that actually means.
Me either. I’m hoping someone smarter than me knows and can explain. :-)
“We’ve Gotten To The Bottom Of The Mysterious Jobless Claims Report!”
http://www.freerepublic.com/focus/f-news/2943386/posts
It is likely that some of the jobless claims in one large state—California—were not included in the claims reported to the Department of Labor this week. This happens occasionally, our source says. When a state’s jobless claims bureau is short-staffed, sometimes the state does not process all of the claims that came in during the week in time to get them to the DOL. The source believes that this is what happened this week. The California claims that were not processed in time to get into this week’s jobless report will appear in future reports, most likely next week’s or the following week’s. In other words, those reports might be modestly higher than expected.
The source believes that the number of California claims that were not processed totalled about 15,000-25,000. Thus, if one were to “normalize” the overall not-seasonally-adjusted jobless claims number, it would increase by about 15,000-25,000.
it was CA not fully reporting
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