Posted by
Mike Bates on Thursday, July 08, 2010 12:23:36 PM
This morning CNNMoney.com
reports "Jobless claims slide in latest week." The article starts:
The number of Americans filing first-time claims for
unemployment insurance fell last week, according to a government report
released Thursday.
There were 454,000 initial jobless claims filed in the week ended
July 3, down 21,000 from an upwardly revised 475,000 in the previous
week, the Labor Department said.
A problem with the story is the numbers are, according to the
Department of Labor, "seasonally adjusted" with a statistical technique
designed to accommodate fluctuations in the job market. DOL's release paints a
more sobering picture:
The advance number of actual initial claims under state
programs, unadjusted, totaled 463,560 in the week ending July 3, an
increase of 22,560 from the previous week.
Before the Age of Obama, CNNMoney.com explained to its readers the
difference between actual and seasonally adjusted numbers. Six years
ago today, in fact, the story was
"Jobless claims drop, but... Report shows sharp drop in those filing
for benefits, but seasonal factors distort results."
But now, apparently, there's no need to write about distorted
results. That might put a damper on recovery summer exuberance. And
the mainstream media wouldn't want to do that.