|Posted by G on April 4, 2011 at 12:16 PM|
From The Labor Department new applicants for unemployment insurance last week came in at a seasonally adjusted number of 388,000. The four-week average of applications, a less volatile measure, rose to 394,250. These numbers are comparable to the July 2008 figures. In case anyone needs a reminder, July 2008 represented our 7th month into the Great Recession.
For those that feel the numbers released by the government are incorrect, here is an example that would prove you right. The labor department revised their previous five years of data. The changes showed that applications in recent weeks were in their words, moderately higher than previously reported.
Note: The words seasonally adjusted always appear before the jobs numbers and why is this? These are not accurate numbers but rather numbers based upon past figures that are combined with some small sampling of current data to produce the numbers that are released. To quote msnbc.com, "Almost all economic statistics from widely watched employment data to more obscure measures of industrial output are only estimates based on data samples that are designed to stand in for more complete reporting that would take months or years to compile."