Here is more bad news: Initial claims for state unemployment benefits increased 20,000 to a seasonally adjusted 457,000, the Labor Department said, reversing the prior week's decline. LINK >>>>
Editor's notes: what will not get much press is the fact that this increase is recorded two days following the midterms. The two Thursday's prior to the elections? On each of the two Thursdays immediately prior to the midterm elections, the jobless counts decreased giving Dems something to brag about in the approaching midterm election. Smoke and mirrors.
Here is the course of events: October 14 - 450,000 first time jobless; four days later this count was suddenly adjusted upward to 462,000; October 21, the jobless count "fell" to 452000 and the following week, October 28, the count "fell" again "for the second consecutive week" to 437,000. LINK The following Tuesday we have the election and bragging rights to support the claim "that we are on the right track." The first report AFTER the election? Well, the jobless count suddenly went up to 457.000.
Point of post: the two positive jobless reports before the midterms were made possible with the revision of the October 14 numbers, so we use the term "smoke and mirrors." The one good thing in dealing with hard numbers is found in the fact that it is only a matter of time before the winds reality clears out the smoke.
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