Watch The Birdie (Jobless Claims)
Courtesy of Karl Denninger at The Market Ticker
Don’t buy the BS in the mainstream crooners that "we in fact have created jobs." It’s a lie.
In the week ending July 31, the advance figure for seasonally adjusted initial claims was 479,000, an increase of 19,000 from the previous week’s revised figure of 460,000. The 4-week moving average was 458,500, an increase of 5,250 from the previous week’s revised average of 453,250.
This was a deterioration, but the real problem lies within the data. Let’s highlight it.
This is where the media gets the claim "it’s getting better." The problem with the claim is that it’s a lie, and if you read the entire report, it becomes obvious – they simply ignore the roll-down into "not counted" buckets for the long-term unemployed.
The truth is that the unemployment situation is 17% worse now than it was a year ago, from July 10th to July 17th it deteriorated, and thatunderstates the case, as those who have exhausted the 99 weeks of "benefits" (all but 26 of which are a handout) don’t show up in the EUC 2008 line any more either!
Don’t believe the BS – the facts are right under the nose of those at CNBS and other media outlets, and they’re deliberately refusing to report them.
