It was nice while it lasted. This morning’s weekly Jobless claims number of 330,000 was the lowest in five years, and it was the second week in a row of positive numbers—an encouraging sign for the economy (though still not enough).
The Wall Street Journal found out from San Fransisco research firm called Southbay Research that the positive trending suggests it has more
to do with the fact that California, whose 38 million population gives
it the biggest workforce in the nation, hasn’t filed its claims numbers
for past two weeks. And because the state hasn’t filed its numbers their labor department had to come up with a number which, according to the research firm was too low
You may remember that the same thing similar thing happened last October 11th. For a while the liberals were celebrating. The Department of Labor reported initial jobless claims plunged to 339K from 369K the prior week. But not so fast progressive piranhas, even the labor department warned that those numbers wre on the funky side. According to the WSJ:
“However, the report may not be as positive as the sharp drop indicates.
A Labor Department economist said one large state didn’t report
additional quarterly figures as expected, accounting for a substantial
part of the decrease.”
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Beginning with the next week the numbers spiked up as the chart below indicates:
It was only after the fact that we were told the missing state was California.
One would think that a state with such an oppressive tax rate would be able to do the bare minimum of accurate reporting…but then again…but logic doesn’t apply to the People’s Republic of California.