The number of people seeking U.S. unemployment benefits rose 10,000 last week to a seasonally adjusted 379,000, the highest since March. The increase may reflect volatility around the Thanksgiving holidays.
The Labor Department said Thursday that the less volatile four-week average jumped 13,250 to 343,250, the second straight increase.
Applications are a proxy for layoffs. Last month, they fell to nearly the lowest level in six years, as companies cut fewer jobs. But two weeks ago, they surged 64,000 to 369,000.
Economists dismissed that spike, saying it likely reflected a Thanksgiving holiday that fell later in the month. That can distort the government’s seasonal adjustments. But if the trend continues it would be a troubling sign of rising layoffs.
“We are inclined to ignore the recent claims data,” said Joseph LaVorgna, an economist at Deutsche Bank. “We see little evidence to suggest that the labor market trend of the past few months has meaningfully changed.”
Easy for him to say. He has a job.
Now all of a sudden, on the heels of magnificent news on the employment front, now we’ve got this unexpected, massive in applications for part-time. The Associated Press is gob-smacked. They don’t understand it. “The number of people seeking US unemployment benefits rose 68,000 last week … the largest increase in more than a year. The surge in first-time applications could be a troubling sign,” they say, “if it lasts. But it likely reflects the difficulty adjusting for delays after the Thanksgiving holiday.”
That’s not what this is at all. You know what this is about? The Democrats are upset that the budget deal does not contain any extension for unemployment benefits. That’s all this is. I’ll lay you a dollar to a doughnut they put this number out to further the idea…
Rush said this when the budget was still in negotiation, but the issue of unemployment benefits is only just below the surface.
You think Rush needs to reline his tinfoil hat?
In the home stretch of the 2012 presidential campaign, from August to September, the unemployment rate fell sharply — raising eyebrows from Wall Street to Washington.
The decline — from 8.1 percent in August to 7.8 percent in September — might not have been all it seemed. The numbers, according to a reliable source, were manipulated.
And the Census Bureau, which does the unemployment survey, knew it.
Just two years before the presidential election, the Census Bureau had caught an employee fabricating data that went into the unemployment report, which is one of the most closely watched measures of the economy.
And a knowledgeable source says the deception went beyond that one employee — that it escalated at the time President Obama was seeking reelection in 2012 and continues today.
“He’s not the only one,” said the source, who asked to remain anonymous for now but is willing to talk with the Labor Department and Congress if asked.
The Census employee caught faking the results is Julius Buckmon, according to confidential Census documents obtained by The Post. Buckmon told me in an interview this past weekend that he was told to make up information by higher-ups at Census.
Hey, what do I know?
I know this: the criminal regime in the White House routinely uses government agencies to further its own nefarious ends; that they manipulate data, the press, and the low-information voter to get their way; and that they never, ever give up until they “succeed”.
Tell me where I’m wrong. We’ll see.