AP: New jobless claims fall unexpectedly because last week had only 3 working days, but we won't mention that last part too much
Last week was Thanksgiving, meaning most offices were closed on Thursday and Friday yielding only a 3-day workweek. So you have to figure there were 2 fewer days to file for unemployment benefits for those that either can't or just don't use a computer to do so. The expected result is that new unemployment claims were down last week (duh!), which was apparently unexpected by the AP, as is apparent by this headline over at The Detroit News: New jobless claims fall unexpectedly. It's not until the 4th paragraph that you get to know what really happened:
The tally of newly laid-off workers seeking unemployment benefits fell unexpectedly for the fifth straight week, a hopeful sign that the job market is slowly improving.
Still, claims remain above the levels that most analysts say would be consistent with an economy that is adding jobs. The unemployment rate is at 10.2 percent and expected to keep climbing into next year.
First-time claims for unemployment insurance dropped by 5,000 to a seasonally adjusted 457,000, the lowest total since the week of Sept. 6, 2008, the Labor Department said Thursday.
A Labor Department analyst said the closing of state unemployment offices for last week's Thanksgiving holiday was responsible for some of the decline.
Gee - ya think? But what they don't say is how much of the 5,000 person decrease, out of 457,00 first-time claims, was attributed to the Thanksgiving shutdown? The article doesn't say, but since the week was only 3/5th of usual, it's probably fair to say that first-time claims would have increased, not decreased, if not for the holiday break. Silly AP.
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