Like clockwork, the Bureau of Labor Statistics reported that initial claims for unemployment came in higher than expectations last week. And, also like clockwork, last week’s number of reported initial claims was revised upwards so that this jump in claims could be reported as a drop in claims.
Here’s how it works.
Last week, Obama’s BLS reported that there were 380,000 new claims for unemployment compensation. This week, they reported that there were 386,000 new claims for unemployment compensation, a rise of 6,000, but also jacked last week’s number up to 388,000 so their media could report a DROP in claims of 2,000. And everyone did. Without question.
This has been happening every week in this election year. It’s the only way they can say we’re “moving in the right direction” when we’re actually not.
Zero Hedge sums it up.
Needless to say, this means two things: 1) the transitory bump associated with record warm weather, which was nothing but pulling from the future, is now over, and 2) the April NFP print will be another disaster, which is just as the Fed wants it – after all it is time to start setting the stage for the NEW QE (and certainly not QE3 which is already in place as Jeff Gundlach was so kind to explain) now that Obama is the margin hiker in chief.