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Unemployment and the Bloomberg spin


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Bloomberg estimated the number of new claims to be 310,000.


It came in at 367,000 - another huge increase.


Then they publish this report:


Initial jobless claims increased 42,000 in the week that ended May 13 to 367,000, the Labor Department said today in Washington. Excluding a 46,000 increase in applications in Puerto Rico, first-time filings would have been around 312,000 last week, a Labor spokesman said.



Actually, what the "Labor spokesman" said was that Puerto Rico accounted for about 20,000 of the increase in claims (the official report (NOTE: limited time link) shows Puerto Rico accounted for 20,046 (near bottom of the page). Last time I checked, 367,000 less 20,000 did not equal 312,000.


In the last month alone, concensus of the economists published by Bloomberg has underestimated by 88,000 on new jobless claims, as it's been missing by being way to optimistic on most of its economic forecasts. It their efforts to cover their rears, they've now resorted to outright lies.




The PR results were due to government layoffs as it tried to find a way to cover it's deficit - which was resolved last Saturday with a bank loan. Next week we should, hopefully, for the first time in about 6 weeks, see a decline in new unemployment claims.

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