Thursday, October 11, 2012

Another Aberrant Jobs Report

Once again, Obama's Labor Department has cooked up an employment report that contradicts every little bit of economic data out there.
Weekly jobless claims fell to their lowest level in four years, while the U.S. trade deficit widened and import prices rose more than expected, according to economic numbers released Thursday.

The number of Americans seeking unemployment aid plummeted to 339,000 last week, the lowest level in more than four years. The sharp drop offered a hopeful sign that the job market could pick up. 

The Labor Department said weekly applications fell by 30,000 to the lowest level since February 2008. The four-week average, a less volatile measure, dropped by 11,500 to 364,000, a six-month low. 
Employment has always been a "lagging indicator," improving only after every other measurement of economic activity has shown months of improvement. Are we supposed to believe that hiring has picked up even as the GDP slides into recession territory?


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