Labor Department Reports Stunning 10% Drop in Jobless Claims …(After Large State Is Not Counted)
Posted by Jim Hoft on Thursday, October 11, 2012, 11:34 AM
Jobless claims unexpectedly dropped b 10% today.
But later it was reported that one “large state” was not included in the total.
Initial Claims Tumble To 339K Lowest Since 2008, Far Below Lowest Expectation (Zero Hedge)
The Wall Street Journal reported:
An unexpected shift in seasonal reporting by one state sent jobless claims tumbling last week.
Initial jobless claims–a measure of layoffs–were down by 30,000 to a seasonally adjusted 339,000 in the week ended Oct. 6, the Labor Department said Thursday.
Raw figures show claims typically drop toward the end of the quarter and spike at the start of the next quarter. A worker may decide to wait to file until the end of the quarter in efforts of boosting the weekly check because the amount is based on a rolling average of income before the layoff. As a result, there can be a bulk of claims that are not processed until the turn of the quarter.
The Labor Department factors this trend into its seasonally adjusted figures. But last week, a Labor economist said one “large” state didn’t report additional quarterly figures as expected, accounting for a substantial part of the decrease. The official wouldn’t disclose which state, but said it would be released with next week’s report as usual.
“One omission by one state–you wouldn’t think it would be a big deal, but in this case it drove the number down by 10%,” said analyst Stephen Stanley with Pierpont Securities.
Economists are speculating the state could be California, the most populous state in the nation.
“It was likely a state with a large population and we suspect that it was California based on the occasional massive swings that have occurred in its claims data in the past,” said Daniel Silver, an economist with JPMorgan, in a note.
ADVERTISEMENT
`
valerie commented:
Why don’t we know which state?
American Woman commented:
Obama’s people will lie and cheat any way they can to win this election. They are hellbent
on destroying our nation from within.
It is my hope that they will be defeated and that their names will eventually be exposed and set down in infamy as the treasonous villains they are.
Even if Romney wins they will not go down without a fight. Many will still have power in high places. The MSM will still carry their water.
Larkin commented:
And the media responds with…(***crickets***)
Wouldn’t want the marxist messiah to look incompetent or anything.
Larkin commented:
And I do hope that the military is prepared to defy an order of implementing martial law when this chavez-wannabe is finally deposed.
dwd commented:
Wonder why no one trusts the media?
Because the media takes lies and regurgitates them with no analysis or critique.
They couldn’t stop and thing “whoa, this is way more extreme that expected” … they instead got typing as quickly as possible to spread the misinformation.
Once you put out misinformation, that’s what people remember. The majority won’t ever hear the correction/retraction. What’s the story going to be when the next set of numbers comes out and all 50 (57?) states are included? Those numbers will explode relative to these, since these only contain 49 of the 50 (57?) states.
Anything to re-elect Obama. The end justifies the means.
dwd commented:
Look how the media took these numbers and ran with them, without doing any verification or even a single bit of critical thought, just swallow and regurgitate:
http://ace.mu.nu/archives/333720.php
pookiee commented:
So when does the investigation of Jerry Brown and his Labor Dept. stooge begin??!! “HEY, JERRY, COULD YOU COOK THE BOOKS A LITTLE FOR ME BEFORE THE ELECTION, OL’ DEMOCRAT/COMMUNIST BUDDY OF MINE? NO? WELL, COULD YOU JUST NOT REPORT THE BAD NEWS FOR A COUPLE OF MONTHS? MAYBE JUST LOSE THE WHOLE THING SO WE CAN SHOW HOW GREAT I AM AT CREATING JOBS? COOL, BUDDY, COOL. AND, UHHH, JERRY, CAN YOU SPARE A QUARTER POUND OF SOME CHOOM, YOU KNOW, SOME MEDICINAL CHOOM FOR MY BAD BACK? COOL, SEE YA AT THE INAUGURATION. FORWARD!”
Opaobie commented:
COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible Times. It’s 7.8%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 14.7%.
COSTELLO: You just said 7.8%.
ABBOTT: 7.8% Unemployed.
COSTELLO: Right 7.8% out of work.
ABBOTT: No, that’s 14.7%.
COSTELLO: Okay, so it’s 14.7% unemployed.
ABBOTT: No, that’s 7.8%.
COSTELLO: WAIT A MINUTE. Is it 7.8% or 14.7%?
ABBOTT: 7.8% are unemployed. 14.7% are out of work.
COSTELLO: IF you are out of work you are unemployed.
ABBOTT: No, Obama said you can’t count the “Out of Work” as the unemployed. You have to look for work to be unemployed.
COSTELLO: BUT THEY ARE OUT OF WORK!!!
ABBOTT: No, you miss his point.
COSTELLO: What point?
ABBOTT: Someone who doesn’t look for work can’t be counted with those who look for work. It wouldn’t be fair.
COSTELLO: To whom?
ABBOTT: The unemployed.
COSTELLO: But they are ALL out of work.
ABBOTT: No, the unemployed are actively looking for work. Those who are out of work gave up looking and if you give up, you are no longer in the ranks of the unemployed.
COSTELLO: So if you’re off the unemployment roles that would count as less unemployment?
ABBOTT: Unemployment would go down. Absolutely!
COSTELLO: The unemployment just goes down because you don’t look for work?
ABBOTT: Absolutely it goes down. That’s how Obama gets it to 7.8%. Otherwise it would be 14.7%. He doesn’t want you to read about 14.7% unemployment.
COSTELLO: That would be tough on his reelection.
ABBOTT: Absolutely.
COSTELLO: Wait, I got a question for you. That means there are two ways to bring down the unemployment number?
ABBOTT: Two ways is correct.
COSTELLO: Unemployment can go down if someone gets a job?
ABBOTT: Correct.
COSTELLO: And unemployment can also go down if you stop looking for a job?
ABBOTT: Bingo.
COSTELLO: So there are two ways to bring unemployment down, and the easier of the two is to have Obama’s supporters stop looking for work.
ABBOTT: Now you’re thinking like the Obama Economy Czar.
COSTELLO: I don’t even know what the hell I just said!
ABBOTT: Now you’re thinking like Obama.
GSrider commented:
*****BREAKING*******
Unemployment is now at 0% based on not counting those previously unemployed.
Great news! Just great!
Bill Mitchell commented:
Hmmm, but the unemployment number last week are not to be questioned.
How the hell does California just “forget” to report their numbers?
pookiee commented:
You know, it could be ANY of the 57 states Hussein Obama has campaigned in.
Bill Mitchell commented:
But doesn’t mean the number next week will be 40k OVER estimates?
Finncrisp commented:
Data being fudged everywhere. Manipulation like this is a tragedy for the people it affects, and the lie it tells. MSM is sooo in the tank for Barry, there is no interest in this. Sickening
Big Al commented:
looks like Jack Welch may have been onto something after all. What a scam. I was willing to believe that the BLS was totally clean but with a hard core commie like Solis in charge, I am not so sure anymore
stuart commented:
Pookiee #12 Don’t be silly. Everybody knows that there aren’t fifty seven states. There’s only forty nine.
arnonerik commented:
Question? What doesn’t this Administration lie about. The sad thing is they know that many will swallow, hook, line and sinker whatever they say.
Stella Baskomb commented:
“Look how the media took these numbers and ran with them, without doing any verification or even a single bit of critical thought,”
Yeah, well, notice also that the so-called “analysts” in BLS took them and ran with them, too.
We can’t believe a thing that comes from this administration – not even numbers. Would be comical if it were not so nearly criminal.
Welch is right – the numbers are cooked. By intent or by incompetence, whatever. But cooked all the same.
Joe College commented:
If you need any proof that they’re lying about everything else, it’s this.
`