Thursday… Jobless Numbers Revised Up
You remember last week — you may not, but I do. And I’m here to tell you and to remind you. Last week there were headlines trumpeting that jobless claims were down 1,000 and the unemployment rate fell from 8.2 to 8.1%. They were honest and said it’s not because new jobs are being created; it’s because people are leaving the workforce and there’s a smaller universe of people working and jobs available against which to compare the unemployed and get your percentage. Jobless claims down 1,000. Big news. The trend continues. But like always, it turns out to have been untrue. The fact of the matter is those claims had to be revised upward.
“New US claims for unemployment benefits were unchanged last week, according to government data on Thursday that will do little to ease concerns about a recent slowdown in jobs growth. Initial claims for state unemployment benefits held steady at a seasonally adjusted 370,000, the Labor Department said. The prior week’s figure was revised up to 370,000 from the previously reported 367,000.” So there was not a 1,000 claim decrease. There was a 3,000 increase in unemployment claims. Jobless claims did not fall by a thousand last week as originally reported. They were up. And today’s number next Thursday will be revised up again. That’s how you know it’s Thursday. The jobless claims are always up.