It’s Unexpected!™

Be charitable toward, Aggie’s hamsters, Barney and Frank. She switched their water bottle for eggnog (spiked) for the season, and they’re feeling as sluggish as the rest of us.

They just plum slept through their call:

The number of newly unemployed seeking jobless benefits fell more sharply than expected last week, taking a key reading to its lowest level in more than four years, the government reported Thursday.

There were 350,000 filing for initial jobless claims in the week, down from the 362,000 who sought assistance a week earlier. Economists surveyed by Briefing.com had forecast 375,000 would be seeking help last week.

The four-week moving average, which economists prefer to look at since it smooths out the volatility in the weekly numbers, fell by 11,250 to 356,750 last week, as a spike in claims in the wake of Superstorm Sandy faded into the background and the labor market continues to show signs of improvement.

That four-week average is now at the lowest reading since the week that ended March 15, 2008, shortly after the start of the Great Recession. The average over the course of 2012 has been about 375,000 a week seeking help.

Great. Fine. Whatever. Write whatever you want.

Too cynical?

Next week, the Labor Department reports how many jobs employers created in December. Economists are expecting a net gain of 150,000, nearly identical to the average monthly gain so far this year. The 1.7 million jobs added so far in 2012 has helped to lower the unemployment rate to 7.7% in November from 8.5% at the end of last year.

Adding 150,000 jobs barely keeps up with population growth (see interesting piece here on the math). If we indeed have averaged 150k new jobs (which I don’t take on their word), it’s done next to nothing to lower the unemployment rate. That’s been courtesy of all the people dropping out of the job search—as we and everyone else have reported. But of which CNN seems apparently ignorant.

Except they weren’t. Just three months ago.

At least 150,000 jobs need to be created each month to simply keep pace with the growing population.

Yet again, we learn that Obama is just hapless (by intent or by accident hardly matters). The media are venal.

1 Comment »

  1. Bloodthirsty Liberal said,

    December 27, 2012 @ 8:29 pm

    My hamsters were too disgusted to bother this morning. They went to the gym instead.

    - Aggie

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