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April 08, 2010

More "Unexpected" Jobless Claims

Unexpected? Really?

More Americans unexpectedly filed claims for jobless benefits last week, a jump that may in part reflect difficulty in seasonally adjusting the data ahead of the Easter holiday.

Initial jobless applications increased by 18,000 to 460,000 in the week ended April 3, Labor Department figures showed today in Washington. The week leading up to Easter and the two weeks that follow are traditionally a “volatile time” for claims, a Labor Department analyst said, making it difficult to discern the underlying trend in applications.

The four-week moving average of claims, a less volatile measure than the weekly figures, increased to 450,250 last week, from 448,000.

Maybe it's unfair to criticize the media for reporting in every story that bad economic news was "unexpected", since apparently they keep digging up economists who really are saying that they didn't expect this news.

But it's getting a little old. The Wall Street Journal, AP, and ABC News also use the "unexpected" formulation.

Henceforth: Be it known that so long as President Obama is pushing his anti-prosperity policies and failing to act to correct the situation, bad economic news is not "unexpected." At all.

Also, economists are wrong. A lot.

Thanks to TheQuietMan.


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posted by Gabriel Malor at 09:35 AM

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