In what is now 38 times in 2010 (out of 46), the BLS (Bureau of Labor Statistics) has revised its prior weekly initial jobless claims number higher, from 439k to 441k. The most recent number, which is far less relevant (as it will be revised worse next week) and much more volatile due to it being a pre-thanksgiving week, and layoffs plunge, came at 407k compared to 435k the expectations.
Most importantly, non-seasonally adjusted claims increased by 52.5k. But of course, the government’s adjustment is where it’s at. Continuing claims were of course also revised higher as the BLS’ charade of beating instant expectations has gotten boring: the prior number of 4,295k was pushed higher to 4,324k, once again confirming that anything the BLS reports has to be ignored until the next week revision. Lastly, the loss of extended claims started early this year, with those collecting extended claims and EUCs dropping by over 280k.
Basically, the government would like people to believe that people falling off the unemployment rolls altogether is a good thing. These are people that still cannot find employment after two years.
True reality looks more like this: