I suppose in the age of Obama 308,000 initial jobless claims is considered good news. But, well, is it really?
While all other government data releases are halted, the DOL has been kind enough to keep its Initial Claims random number generator running, and this week, following several weeks of “computer system update” distortions, reported the fifth consecutive week of expectations beats with a print of 308K, below the 315K expected, but above the upward revised 307K from last week. Alas, the number is once again completely meaningless as the DOL said Federal furloughs will not show up in claims data…
Read it all, continuing claims are up, but you won’t hear about that from too many news outlets.
Oh, and I just heard that they won’t be releasing a made up unemployment rate tomorrow. How will we survive?