John Ransom

Unemployment claims came out, and WOW!

So even though our economy is down, it's still up. Or we’re up, but still down. Whatever… it’s all good, because your neighbor pays.

And it’s another example of the stupid math liberals use to mask reality.

The unexciting nature of the newest unemployment claims is papering over all of the downward revisions that we are seeing in other areas of the economy.

For new readers the sentence above is an example of a device I employ now and again called “sarcasm.”

“Initial claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 323,000, the Labor Department said on Thursday,” reports Reuters. “That was the lowest level since the end of November and the drop more than unwound the prior week's rise.”

I’m surprised they didn’t blame the unusually low number of new claims on the weather.

After all, I’m thinking slackers are more likely to find themselves in the unemployment line, thus they’d be less likely to go out in the cold first and then wait in the unemployment line.

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Whatever the number “unwound,” the number doesn’t make up for the huge downward revision to private sector job creation estimates that came out this week.

Previously January job creation, estimated at 175,000 jobs, was subsequently revised downward to 127,000, an overestimation of about 38 percent.

And February’s reports look positively balmy now in comparison.

John Ransom

John Ransom is the Finance Editor for Townhall Finance, host of Ransom Notes Radio and you can catch more of the best money advice and monetary commentary by him daily 10am PT, 1pm ET at or on Comcast Cable


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