WASHINGTON – The number of newly laid-off Americans signing up for unemployment benefits last week, and those using this safety net over a longer period, both plunged. But the government figures released Thursday were clouded by difficulties adjusting for temporary shutdowns at auto plants. READ “The reported numbers plunged” the real numbers, the count of the actual unemployed did not – Please read on.
The Labor Department said new applications for unemployment insurance dropped by a seasonally adjusted 47,000 to 522,000, the lowest level since early January. Economists polled by Thomson Reuters expected claims to rise to around 575,000. The Labor Department is adjusting the number and reporting some number “other than the true number” of individuals claiming benefits. Please read on ….
A department analyst said the drop in new claims didn’t point to improvements in economic conditions. The second straight weekly decline reflected problems adjusting layoffs for temporary shutdowns at General Motors and Chrysler plants to retool for new models.
The unadjusted figures for last week actually showed that new claims rose by 86,389 last week, which would push the total to 667,534. The actual number is 110,000 more than anticipated by economists and 145,000 more than the number being reported by the Government. After upwqard revisions, this week would represent the 30 straight week where “actual new unemployment claims” toppped 600,000.
So why do the headlines state “unemployment drops” ……… pure political theatre …. the Obama Administration will employ any trick to stall reporting a National Unemployment Rate of 10%. (the true numbers posted over the last 3 weeks would indicate that the National unemployment rate is currently at 10.2%).
Weekly claims remain far above the roughly 325,000 that analysts say is consistent with a healthy economy. New claims last fell below 300,000 in early 2007. The lowest level this year was 488,000 for the week ended Jan. 3. The January 3 number was revised upward twice – as the number, 488,000, was proven to be another “underreport”.
Those adjustment difficulties also were behind a big drop reported for people continuing to draw unemployment benefits, the analyst said.
The truth … the number of unemployed actually increased by 620,000 …..
Telling lies about the real unemployment numbers – to make oneself look good politically ….. just more of the same old style politics …..
Read the original story here: http://news.yahoo.com/s/ap/20090716/ap_on_bi_go_ec_fi/us_economy
Filed under: Barack Obama, Economy, Unemployment Tagged: | Economy, Fudging The Unemployment Count, Obama, Unemployment
