Thursday, March 8, 2012

Unemployment benefit claims rise as job creation remains a government myth

It is easy to make statistics dance to whatever tune you desire when you control the data and how it is presented.  Ie... the fall in the unemployment rate to 8.3% when you fail to include all the people who are actually out of work.

But what cannot be manipulated is how many Americans apply for unemployment benefits, and for the third consecutive week, that number has beaten analyst expectations, and is the longest contiuous stretch since last year.

Initial claims printed +362K, missing consensus of +352K, and up from a upward revised, (of course) 354K. As a reminder, last week's print was expected to be 355K, instead coming at 351K spiking the market far higher. Needless to say, the response would have been far more muted had the number come at its true final print of virtually on top of expectations, but who cares anymore - everyone appears to enjoy lying and being lied to. That this miss comes ahead of a critical NFP print will likely have some scratching their heads especially since this is the first time we have seen three consecutive weeks of rises since August 2010. - Zerohedge

As a former Soviet dictator once said, it is not about who gets to vote, but who gets to COUNT the votes that matters.  So too is the ability of government agencies to obscure the unemployment through false reports, even when they contridict the ones they cannot manipulate.

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