Thumbs Up: Unemployment Claims Drop Last week
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In the week ending March 26, the advance figure for seasonally adjusted initial claims was 388,000, a decrease of 6,000 from the previous week's revised figure of 394,000. The 4-week moving average was 394,250, a increase of 3,250 from the previous week's revised average of 391,000.
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This should not surprise anyone and is a false indicator of the strength of the economy and job market. An organization gets to a point where it is so short staffed that it cannot cut any further while continuing to provide service or products. What people should look at is the Gallup estimate of unemployment 9.8% not the artificially jiggered number presented by the Administration and the underemployment figure of 19.1% which is a true indicator of the employment picture. I would encourage readers to go to www.gallup.com to get a true and complete picture of the economy and the job market and not accept the Administration reporting as the gospel.
Great observation. I posted the latest Gallup research on jobs that Bill referred to in case anyone is interested. You can view it here.