(Reuters) - The number of Americans filing new
claims for jobless benefits fell to a 3-1/2-year low last week and factory
activity in parts of the Northeast gained speed in December, suggesting a
further strengthening of the economic recovery.
Understand that Reuters is an international news
agency, liberal to the core, based out of the United Kingdom. Today’s weekly unemployment application
news, a positive report, was run by Reuters and no other agency. No doubt,
it will be an American headline,
but why not “jump” on this story?
Didn’t happen.
You know what we think: these weekly numbers only measure the number
of new applications for benefits. It
really is not an “employment”
report. Turns out that last
week, 315,000 people “fell off the labor
rolls” because they were no longer looking for work and were no longer
receiving benefits. So the week’s report
show positive growth, when, in fact, the 315,000 had nothing to do with “job
growth” at all.
The official claims report for last week was 366,00 adjusted seasonally. The unadjusted seasonal count was 433,287. Maybe that is why no one is really getting too excited.
The official claims report for last week was 366,00 adjusted seasonally. The unadjusted seasonal count was 433,287. Maybe that is why no one is really getting too excited.
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