Bad news on jobs. New claims for unemployment rose by 3,000 from 413,000 to 422,000. (Remember, Bush = fuzzy math…)
The Labor Department said first-time filings for state jobless benefits rose by 3,000 to 422,000 in the week ended Sept. 6. The climb, which pushed claims to their highest level since early July, defied predictions on Wall Street for a drop to 400,000 from the 413,000 originally reported for the Aug. 30 week.
The 400,000 level is seen by economists as a dividing line between a deteriorating and improving labor situation.
Except Brad DeLong shows that it isn’t 400,000, it’s 357,000. More fuzzy math.
How come the fuzzy math always makes things look better than they really are?