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November 06, 2003

UI Claims Drop- But No Drop Last Week

This week saw the announcemtn of a large drop in unemployment claims, yet once again last week's announced "drop" was revised such that there was no drop in claims then. Instead of the 386,000 claims announced last week, the real number for that period (ending 10/25) was 391,000-- the same as the week before that and higher than the weeks before that.

Now, this week's announced fall in claims was far more substantial-- down to 348,000 claims for the week. It seems hard to believe this is a not a real drop-- revisions usually aren't that far off-- but the whole statistical mess reflects the general sense that all the numbers on the economy are a bit off and strange and subject to "revision."

Posted by Nathan at November 6, 2003 09:18 AM