SPEAKING OF JOBS! The REAL figure was 543,926 new job losses!

This today from John Mauldin. Apparently, since 4th quarter and 1st quarter historically show the greatest job losses of the year, the weekly claims announcements are “seasonally adjusted” UPward. The real figures are worse than what the news media announces. Where have we hear that before? Here is the quote:

“The headlines said that initial claims dropped to 466,000 here in the US, finally falling below 500,000. This was greeted with proclamations of recovery. First, let me say that 466,000 people filing for unemployment is still way too high. That is a lot of people losing their jobs, and when we first crossed over 450,000 a few years ago that level was seen as a sign of recession.

“Second, the headline number was a seasonally adjusted number. The actual number was 543,926. What is happening is that we are coming off of wickedly high numbers in 2008 and a seasonal number that was much lower in the preceding years. It is another part of the Statistical Recovery. And this trend is likely to keep on for the rest of the quarter. My friend John Vogel, who analyzes the unemployment numbers for me each week, shows pretty convincingly that the average for this current quarter will be over 500,000 per week on a non-seasonally adjusted basis. This is less than a 10% drop from last year for the same quarter. Job losses are continuing to mount, and we are on our way to an 11%-plus unemployment number by next summer. Statistical Recovery, indeed.”

- Benard

Related Posts:

• ‘Bad News: Unemployment Falls To 9.4%’
• Like most countries, the U.S. releases unemployment numbers designed to HIDE what is happening with employment.
• Cities and States Cutting Spending.
• The Next 7 Millions Jobs That Will Be Lost (November 17, 2009)
• Unemployment soaring out of control.

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