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Lower Initial Jobless Claims Hide Surging Unemployment
Initial claims for unemployment benefits fell by 94,000 last week, the biggest drop in 16 years, the U.S. Labor Department said today (Wednesday). However, the data was almost certainly skewed by a shortened Christmas week, as continuing total jobless rolls surged to their highest levels since 1982.
“The underlying picture is terrible for the labor market,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York. The initial claims figures were “distorted by some sort of breakdown in the seasonal adjustment process, with the holidays,” he told Bloomberg News.
A look at the unadjusted unemployment data paints a…
1Jan2009 | Money Morning | 0 comments | Continued
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