jeebus
UDFA
- Messages
- 1,650
- Reaction score
- 0
Bitchslapped huh? Lucky him, I can't get a response across 3 threads.
- Thread starter superpunk
- Start date
jeebus
UDFA
- Messages
- 1,650
- Reaction score
- 0
So job growth isnt keeping up with population growth, but unemployment is falling. If there was only some kind of statistic that could explain this, but alas there is nothing.
I guess the only logical thing to do is celebrate like our economy is on track. Now that it is stronger what we really need is more tax, preferably on production and not consumption.
Last edited:
Bob Sacamano
All-Pro
- Messages
- 26,436
- Reaction score
- 3
Oops, I thought this was a thread about Steve Jobs 
- Messages
- 59,972
- Reaction score
- 10,142
lol
lons
UDFA
- Messages
- 1,630
- Reaction score
- 100
And now... the rest of the story.
LINK
Jobless Claims Data Skewed Downward
By Dunstan Prial, Peter Barnes
Published October 11, 2012
| FOXBusiness
A sharp drop in the number of weekly jobless claims filed last week was caused by the failure of one large state to report all of its claims, a Labor Department spokesman confirmed to FOX Business.
Initial jobless claims, which are a measure of the number of people recently laid off, fell by 30,000 to a seasonally adjusted 339,000, the lowest level in more than four years.
But the Labor Department spokesman said the numbers were skewed by one large state that underreported its data. The spokesman declined to identify the state, but economists believe California is the only state large enough to have such a significant impact on the overall numbers.
According to the spokesman, the reason that state’s claims numbers fell short was because the state left out a pile of unprocessed claims related to seasonal factors around the beginning of the fourth quarter, which began Oct. 1.
In a research note, Stephen Stanley of Pierpont Securities summed up the data: “In short, this reading is worthless in terms of informing on the general economy.”
It marked the second time in a week that key employment data have come under scrutiny for being possibly more encouraging than it actually is. On Friday, the Labor Department’s September jobs report said the unemployment rate had fallen to 7.8% from 8.1% a month earlier.
Coming a month ahead of the presidential election, some have suggested that the numbers are being manipulated for political purposes. Specifically, some supporters of Republican candidate Mitt Romney have accused the Obama Administration of doctoring the numbers to support President Obama’s re-election bid.
The White House and the Labor Department have denied the charges.
Because one state left out a chunk of its weekly reports from last week, the jobless claims numbers will likely be revised upward in the coming week.
The spokesman said the lack of reporting affected the season adjustment for the week, likely by about 30,000 fewer claims.
In addition, the spokesman explained to FOX Business that this large state has a history of reporting “volatile” numbers at the beginning of quarters and that the Labor Department has complained and tried to work with the state to more accurately report its claims but with little success.
“There is no explanation” for the volatility. “We have tried and tried to work with them. It’s like playing hardball with them,” the spokesman said.
The spokesman said that the unprocessed claims are likely to show up in the numbers in the next week or two. “We should see some sort of catch up.”
Economists had predicted claims would rise by about 370,000 last week. The four-week moving average of unemployment benefit claims, which is used to remove some of the volatility of weekly claims and is therefore a better gauge, fell to 364,000, the fewest since the week of March 31.
Stanley told MarketWatch it often benefits laid-off workers to “game the formula” by delaying filing for their unemployment claims.
“As a result, there is an accumulation of claims that are likely submitted over a period of several weeks but not processed until the turn of the quarter. Apparently, the state in question (and it pretty much has to be California to account for anything close to 30,000) forgot to include that stockpile of unprocessed claims in their tally for this week (which is the first week of a new calendar quarter),” Stanley said.
LINK
Jobless Claims Data Skewed Downward
By Dunstan Prial, Peter Barnes
Published October 11, 2012
| FOXBusiness
A sharp drop in the number of weekly jobless claims filed last week was caused by the failure of one large state to report all of its claims, a Labor Department spokesman confirmed to FOX Business.
Initial jobless claims, which are a measure of the number of people recently laid off, fell by 30,000 to a seasonally adjusted 339,000, the lowest level in more than four years.
But the Labor Department spokesman said the numbers were skewed by one large state that underreported its data. The spokesman declined to identify the state, but economists believe California is the only state large enough to have such a significant impact on the overall numbers.
According to the spokesman, the reason that state’s claims numbers fell short was because the state left out a pile of unprocessed claims related to seasonal factors around the beginning of the fourth quarter, which began Oct. 1.
In a research note, Stephen Stanley of Pierpont Securities summed up the data: “In short, this reading is worthless in terms of informing on the general economy.”
It marked the second time in a week that key employment data have come under scrutiny for being possibly more encouraging than it actually is. On Friday, the Labor Department’s September jobs report said the unemployment rate had fallen to 7.8% from 8.1% a month earlier.
Coming a month ahead of the presidential election, some have suggested that the numbers are being manipulated for political purposes. Specifically, some supporters of Republican candidate Mitt Romney have accused the Obama Administration of doctoring the numbers to support President Obama’s re-election bid.
The White House and the Labor Department have denied the charges.
Because one state left out a chunk of its weekly reports from last week, the jobless claims numbers will likely be revised upward in the coming week.
The spokesman said the lack of reporting affected the season adjustment for the week, likely by about 30,000 fewer claims.
In addition, the spokesman explained to FOX Business that this large state has a history of reporting “volatile” numbers at the beginning of quarters and that the Labor Department has complained and tried to work with the state to more accurately report its claims but with little success.
“There is no explanation” for the volatility. “We have tried and tried to work with them. It’s like playing hardball with them,” the spokesman said.
The spokesman said that the unprocessed claims are likely to show up in the numbers in the next week or two. “We should see some sort of catch up.”
Economists had predicted claims would rise by about 370,000 last week. The four-week moving average of unemployment benefit claims, which is used to remove some of the volatility of weekly claims and is therefore a better gauge, fell to 364,000, the fewest since the week of March 31.
Stanley told MarketWatch it often benefits laid-off workers to “game the formula” by delaying filing for their unemployment claims.
“As a result, there is an accumulation of claims that are likely submitted over a period of several weeks but not processed until the turn of the quarter. Apparently, the state in question (and it pretty much has to be California to account for anything close to 30,000) forgot to include that stockpile of unprocessed claims in their tally for this week (which is the first week of a new calendar quarter),” Stanley said.
- Messages
- 59,972
- Reaction score
- 10,142
I see them actually reporting news, and not being the right arm of the Obama camp
This isn't news. They are digging for something that's not there, and they look like idiots for it. Might as well unleash the new birthers though, no sense being fair and balanced.
Sheik
All-Pro
- Messages
- 24,809
- Reaction score
- 5
How is there nothing there? If they didn't count California's unemployed, how does that not matter?
Just curious about how that works.
jeebus
UDFA
- Messages
- 1,650
- Reaction score
- 0
Let see, the unemployment has dropped from 8.3 to 7.8 in two months!! A half a percent drop in 2 months would imply that the economy is burning up as growth is booming. Since we know that is not happening, we are left to question what is wrong with these numbers.