Thursday, September 9, 2010

Jobless Claims for This Week Are An Estimate - 9 States Didn't Report Data

Oh boy. Another week of jobless claims. Initially, it looked like it was "ok", claims were down and such and then, the truth came out afterwords. Because of the Labor Day holiday and people were not working for the states, 9 states didn't report their losses/gains for unemployment, so the Federal Government had to "estimate" these numbers.

Bloomberg: Applications for U.S. unemployment benefits declined more than forecast last week, easing concern that employers will accelerate firings as the world’s largest economy cools.

Initial jobless claims dropped by 27,000 to 451,000 in the week ended Sept. 4, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance was little changed, while those getting extended payments rose.

But as you read the rest of the article, it does points out, the numbers are an "estimate" because some states didn't report in.

Bloomberg: For the latest reporting week, nine states didn’t file claims data to the Labor Department in Washington because of the federal holiday earlier this week, a Labor Department official told reporters. As a result, California and Virginia estimated their figures and the U.S. government estimated the other seven, the official said.


Zero Hedge writes: Official data is now made up on the fly. This US economic data reporting has just entered the twilight zone. Also, when the data is officially made up, it is not that difficult to get data that is "better than expected." The full list of states is: DC, Illinois, Idaho, Hawaii, Oklahoma, Michigan, and Washington. California and Virginia estimated themselves.

h/t The Lonely Conservative
Zero Hedge

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