Well, it has finally happened!!! No, the Government Propagandists did NOT revise their estimates downward, they continue the UNBROKEN record of continuing to UNDERESTIMATE the Initial Claims for Unemployment. However, it appears that they have finally “estimated” closer to the real number, than I did. Last week I said:
“Well, this week I will wager that the number is 407,000, NOT 403,000.”
This week, it appears the revision was only UP TO 404,000!! They missed by 1,000 to the downside (the smallest miss that I have documented), and I missed by 3,000 to the upside, my largest miss. If anyone would have taken my wagers, they would have finally won one.
This weeks number comes via CNBC:
“A separate report from the Labor Department showed new claims for state unemployment benefits fell 2,000 last week to a seasonally adjusted 402,000, pointing to a gradual improvement in the labor market.”
This makes ALL of the weeks since March of 2011 above 399,000, except ONE. Also notice that this is “pointing to a gradual improvement in the market”, according to CNBC. Seriously, a “gradual improvement”?? IF this is improvement, my SLOWEST SNAIL in the history of the world would lap this DOG in a one lap race!!! Also notice, on the CNBC page, a LARGE GREEN ARROW POINTING UP. Seriously?? Can there be a more blatant attempt at subliminal advertising?? Where would the unemployment figure have to be for a great big red arrow pointing down?? Does it vary depending on who is in office??
And from FoxNews:
“Jobless numbers remained at a perilously high 402,000 last week, the Labor Department reported Thursday, even as the U.S. economy overall showed modest growth in the third quarter, offering a hopeful glimmer that the jobless rate could improve in the coming months.”
And this is supposed to be the “News” outlet that is “extreme right” and “against Obama” and “wants to eat your babies because they hate America” and are the “mouthpiece of the Republican Party”. (sarc off) This news is “offering a hopeful glimmer that the jobless rate could improve”?? Seriously?? OR, it could be the last breath of a dying economy and the future holds ONLY dark days for everyone!! Since when do “they” need to add their complete NONSENSE to the reporting of “statistics”?? In the last 6 months, they have reported the “sustainable job growth number” to be 350,000, 375,000 and 400,000!! We are STILL above 400,000!!! There is no hope until the Government gets out-of-the-way. There are NO “hopeful glimmers”!!
Last weeks Inflation number should be the FINAL nail in the coffin for any hope, it came in at (from the BLS):
“Broad increases in food indexes also continued in September, with the food at home index rising 0.6 percent for the third month in a row and no major grocery store food group indexes declining.” (emphasis added)
Read that again. The cost of food, that thing that EVERYONE eats, went up 0.6% for the third month in a row. Inflation, for essentials, is RISING. Unemployment is going NOWHERE. Things in this country are NOT getting better………….yet.
This week I will wager that the initial claims for unemployment is closer to 405,000 than 402,000. Any takers yet? Any questions?