Last Thursday the MSM was doing back flips and proclaiming the long awaited Obama jobs recovery had arrived, when unemployment claims supposedly plunged by over 30,000 in one week. Myself, Denninger, Zero Hedge and MISH all called it bullshit and lies. The MSM then arrived to scorn and ridicule those who would question the integrity of the Federal Government drones. Well guess what? Unemployment claims EXPLODED skywards by 46,000 this week and, as usual, last week’s number was revised upwards for the 83 week in a row. What is the statistical probability of that happening?
Your government manipulates every number you see. They are attempting to hide the truth. So it goes.
Reality Storms Back As Initial Claims Explode Higher By 46K From Last Week’s Upward Revised Aberration
Submitted by Tyler Durdenon 10/18/2012 08:42 -0400
So much for last week’s aberration initial claims print of 339K (revised higher of course to 342K). With expectations of an increase to 365K, the DOL just came out with a whopper of a miss, the largest in three months, at 388K, an increase of 46K in one week, which was also the highest print in three months. Remember: this number will be revised to 391K next week. So much for single print indicative of a recovery. As the chart below shows, the rate of change was a 13.45% from last week: the highest in five years! So far, there has been no explanation from the BLS or DOL for last week’s outlier print. And no, last week’s print was not due to California, which the DOL reported just decreased by 4,979 in the week ended Oct 6, not the required 49K. What is however worse, is that it is becoming increasingly clear that nobody at the DOL knows what is actually going on following a statement by the Labor Dept that “it appeared that state-level administrative issues were distorting the data“, and numbers are simply picked out of thin air. Finally, in truly amusing news, those on Extended Benefits have once again started to rise, after dropping to virtually 0 following expiration of state benefits.