The Labor Department reports the number of Americans Filing for first-time unemployment benefits fell to 292,000 last week from 323,000 the week prior, sharply lower than economists’ expectations that the number would rise to 330,000. It was the lowest level since April 2006, but don’t go and pop the cork just yet.
The Labor Department said that much of the drop was due to computer upgrades in two states which have prevented full processing of claims. Do you believe this – tech issues, really? Earlier this year the government began using a new method – a bogus method – to calculate GDP growth, which includes several unorthodox measures aimed at fabricating the appearance of greater GDP growth.
Under President Obama, as well, the Labor Department has released more than a few questionable monthly job reports – including the month before the election – which even the former head of the Bureau of Labor Statistics admitted on Huckabee, doesn’t add up.
The truth regarding weekly jobless claims, as I have detailed before, is that we are simply running out of those who are eligible to file said claims. They are first-time claims, and we have largely funneled through the labor force who will be eligible to receive them. Pathetic.
The Census Bureau will now use a relative measurement, rather than the traditional absolute measurement, to calculate the poverty rate in the United States. Just as a matter of fact, this is a tactic historically used by collectivist – both socialist and communist – to mask the true economic damage they do as they “fundamentally transform” the nation.
Now, with the President’s numbers sinking, especially relating to foreign policy, I am always a bit cynical to hear a story of this nature, which wreaks of a manufactured “distraction.”
Nevertheless, in the greater economic picture, Americans are paying more for their own goods, while other countries are paying less for ours. The Labor Department reported that U.S. import prices were relatively unchanged in August compared to expectations they would rise 0.4%. Export prices, meanwhile, fell by 0.5%, missing expectations they would rise 0.1%.
And the trend that is the Obama economy, which is caused by collectivist policies, continues. Maybe tomorrow the Dow will fall by 1,000 points because of another computer error? Or maybe, the next unemployment number will fall under 7%, because some states couldn’t pay their Internet bills, like California and the President’s home state of Illinois. It’s possible, certainly, but more probable that even more people will just drop out of the labor force, altogether.