Obama Fails on Jobs Again: Unemployment Claims Above 4110,000 for 4 Consecutive Weeks

The weekly report on new unemployment claims was grim news again this morning, despite the usual media LIES. The number of "jobs Obama lost" last week was reported as 414,0000--NO IMPROVEMENT for all of this year, and 4 straight weeks above 41,000 (a BAD number). As this blog again correctly predicted, IN FORESIGHT rather than hindsight, last week's reported number was REVISED upward from 409,000 to 412,000.


Thus yu have the usual media LIE today, which MarketWatch (liars all) reported this way about todaay's reported number: "414,000, up from 412,000 the previous week...."


Do I have to TELL you why this is a LIE, or have you finally LEARNED (unlike the media people, as today's "journalists" are incapable of learnig)?


Here is the correct satement: The number of new unemployment claims initially reported this week rose from the 409,0000 initially reported the previous weeek to 414,000. Last week's initially reported number was REVISED upward, as usual, to 412,000. It can be expected that today's reported number of 414,000 will be revised upward to at least 417,000, when next week's revisoin comes out, although the expected upward revison of 3,000 or 4,000 does not occur 100% of the time. The exceptions to the upward revision are very rare, however."


npe. This is not good enough to lower the unemployment rate, and you will not need to be in suspense about September's monthly jobs numbers if the September weekly reports of new unemployment claims are as bad as August (this number reported today really being for the last week in August). Indeed, despite media LIES again, these numbers only matter OVER TIME. That means that a one week, or even a two wekk, "improvement" in the weekly number will be meaningless. Next week, for example, will be the report for Labor Day week, and the number will be very unreliable (whether up or down). The significant thing that has happened is that 4 straight weeks above 410,0000, after 3 weeks supposedly right at 400,000. Another "dip" toward 400,000 will not change that truly bad news, unless the "improvement" continues week after week.


The labor market has NOT IMPROVED this entire year, and is on the edge of getting worse. Fact check for Obama: WE ARE NOT HEADED IN THE RIGHT DIRECTION.


P.S. No proofreading or spell checking (bad eyesight).