Initial Claims For Jobless Benefits Edge Up; Numbers Point To A Healing Economy -- Reuters; Say What? Just How Bad Were The Numbers? 4X Worse Than Expected Based On Unadjusted Claims; The Fog Begins To Clear

Updates

Later, 10:07 a.m.: I find this interesting, something Reuters did not bother to point out: seasonal adjustment factors had expected a 0.5% increase in unadjusted claims, around 1,300, in the Aug. 3 week. Instead, unadjusted claims saw an uptick of 1.9%, or 5,285, to 286,738. That level is still below the 320,219 level reported in the comparable week a year ago.  

Original Post
 

So, the spin continues. I do believe this headline regarding the economy is the most common headline for the past four years: unemployment edges up, but numbers still point to a healing job market.

And again, this is the headline for this week's Reuters story on joblessness: U.S. jobless claims edge up; still point to healing job market.

I cannot make this stuff up. 

So how bad are the numbers and what does Reuters mean by "edges up"?

About what it's been every week: initial claims for state unemployment benefits rose by 5,000 last week to 333,000.

What were the revisions from last week: not provided in this article. Maybe I'll find it later. [Ah, here it is. It took another search to find it but here it is and guess what? Last numbers which were reported as great numbers turned out not to be so great. Last week's numbers were revised up to 328,000. No wonder Reuters didn't want to report that; it ruins their story line. This week's numbers rise, and last week's numbers were revised upward.]

Four-week moving average: not provided in this article. Maybe I'll find it later. [And, yes, the link above: the initial claims seasonally adjusted 4-week moving average fell 6,250 to 335,500 in the August 3 week, its fourth straight decline and the lowest level since the week of November 17, 2007 (330,000).]

But here's more from the Reuters article in which they see a healing economy:

the numbers are better than what they were in 2009 (I would hope so; four years later; and how many trillions in stimulus); they really said that; better than the numbers in 2009

and then they add, a "but":

the recovery in job creation has been more lacklustre. Employers added just 162,000 workers to their payrolls in July.

And so it goes. The spin continues. For four years the unemployment stories remain the same: the economy is healing.

Stock market futures are up: with joblessness increasing, the Fed will continue to print money, and that will drive the market higher.