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December 08, 2006

Jobless Claims Hit Six Month Low; Economny Adds Stronger-Than-Expected 132,000 Jobs

Jobless claims down:

The number of newly laid off workers filing claims for unemployment benefits dropped last week by the largest amount in six months, relieving worries about a big jump in claims in the previous week.

The total number of claims filed last week fell to 324,000, a decline of 34,000 from the previous week, the Labor Department reported Thursday. That represented the biggest one-week drop since the first week in June.

The decrease was in line with expectations of economists, who believed that an unexpectedly large jump of 35,000 claims the previous week was an aberration.

Here's something. I saw this yesterday but didn't get around to posting it. It's unambiguously good news, right? So I searched on Google for it. You know what their top headline on this unambiguously good news is?

Jobless claims down nationally, but up in Indiana

Emphasis added. The story about the national numbers is a small link beneath the headline.

Apparently any time there's a state which lags in an economic indicator, Google will highlight that over the much-more positive national figures.

GNP Rockets By 8.4%, But Phil Dickey of Tulsa, Oklahoma Still Can't Afford That SonarShark Fish-Finder He's Had His Eye On Since February

Meanwhile, 132,000 jobs were added, which doesn't sound like a lot, but it beats forecasts.

And will probably be revised up later, of course. As the previous months' numbers were:

The department revised down the number of jobs created in October to 79,000 from a previously reported 92,000 but it said that, in September, a robust 203,000 jobs were created instead of 148,000 as it had reported previously.

That 79,000 adjusted figure for October is still higher than the first estimate, so it has been revised upwards, too. It's just been revised downwards from its last revision upwards.

Unemployment ticked up to 4.5% from 4.4%.

Google's headline? Which fact should be stressed?

Take a wild guess.

No, don't bother.

US unemployment rate creeps up to 4.5%

Another Google headline:

Bonds: Notes flat as jobless claims remain high

Seriously -- the biggest fall in six months, but the headline? They "remain high."

Another headline just below that emphasizes the negative even of the fall in jobless claims. After all, an expanding economy isn't good for those holding T-bills:

Treasurys hit by drop in jobless claims

I'm not cherry-picking. This is Google's way of reporting the economic news.

Gee, I wonder what party they vote for.

Haven't they got the message that Nancy Pelosi's victory means a New Age of Freedom From Want?

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posted by Ace at 10:55 AM

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