Thursday, October 18, 2012

No Surprise....Jobless Claims the highest in Four Years....

No surprise with this....the big report heralded by all the state-run media was incomplete with California's stats missing yet unless you read the article very closely you wouldn't know that....obviously a ploy to help Obama with his reelection campaign...but now in October it should correct...just as the end of month jobs report will....there's no boundary on what this Corrupt Administration will do to fudge numbers to get Obama reelected....

Weekly Jobless Claims Drop Proves to Be Short Lived

Published: Thursday, 18 Oct 2012 | 8:35 AM ET Text Size By: AP Twitter

Weekly applications for U.S. unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. The increase represents a rebound from the previous week's sharp drop. Both swings were largely due to technical factors.

The Labor Department says the four-week average of applications, a less volatile measure, fell slightly to 365,500, a level consistent with modest hiring.

Last week, California reported a large drop in applications, pushing down the overall figure to the lowest since February 2008.

This week, it reported a significant increase as it processed applications delayed from the previous week. (Read More: Why Jobless Claims May Not Be as Good as Market Thinks)

A department spokesman says the seasonally adjusted numbers "are being distorted ... by an issue of timing."

Applications are a proxy for layoffs. When they decline, it suggests hiring is improving.

The prior week's figure was revised up to show 3,000 more applications than previously reported to 342,000.

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