Thursday, February 25, 2010

Jobless Claims Rise ... Unexpectedly (Sort of)

Amusingly if it were not so sad, jobless claims rose unexpectedly. It is the 'unexpectedly' that is the amusing part, not the people who no longer have jobs. It has been come expected that the rise will be described as unexpected. Indeed this time around it was so unexpected that it was actually expected. Yeah, does not really make sense to me either, but that is what it says. Somehow it was unexpected that the backlog of claims that had to be added due to the snow would actually be added. Do not try and understand, just accept that when reading the same economic report it will be bracketed in more or less favorable terms depending on what party is in power, and you need to make personal adjustments in your mind accordingly to compensate.

"New claims for unemployment benefits jumped unexpectedly last week, mostly because state agencies processed a backlog of claims caused by snowstorms the previous week.
In its report on jobless claims, the Labor Department said first-time claims for unemployment insurance rose by 22,000 to a seasonally adjusted 496,000.

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