Thursday, July 11

Unemployment claims up--"unexpectedly" of course--but that's really good economic news

A story from Reuters, July 11, 2013:  (Keep in mind that most of these phrases were taken verbatim from the Labor Department's press conference releasing the weekly numbers, so it's not ALL Reuters' doing.)
The number of Americans filing new claims for unemployment benefits rose last week, although the level still appeared to point to healing in the nation's job market.
Didja get that?  New applications for unemployment were up, which obviously "appeared" to show "healing" in the national job market.  Explanation:  "Healing" in this context is a nice vague word--no one can disprove it.  And of course "appeared" is an obvious weasel-word.
The reading was likely clouded by seasonal factors. The Labor Department can have a tough time seasonally adjusting claims in early July because many factories shut down during that period for retooling, but the scheduling for the shutdowns varies from year to year.
"The reading was likely clouded..."?  Translation:  We're gonna do everything possible to disguise news that would have been reported as negative if a Republican were president, and "clouded" is a nice vague word that implies it's damn near impossible for anyone to make sense of such complex numbers.  Here:  "The Labor Department can have a tough time adjusting..."  See?  So just take our word for the soothing, reassuring conclusions!
Even with the increase, the number of layoffs remains in the range of the levels seen over the last year, and is consistent with a continued drop in the unemployment rate.
So again, the Party Line is that unemployment "continues" to drop.  Ah.  That would explain why first-time jobless claims rose last week.

We could go on and on but why bother?  One recalls the line about "Dear Leader increased the meat ration from 200 grams per week to 150."  Sorry, I don't remember where that's from but it's devastating.

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