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First, I have to address some more government data that can be misleading. We were told Thursday that initial unemployment claims were “only” 524,000. The talking heads immediately said that was proof the economy is simply bad, not falling off a cliff. Again, like last week, that seasonally adjusted number masks the real number, which was 952,151. That is not a typo. There were almost 1 million newly unemployed last week! That is up over 400,000 from the same week in 2008, while the seasonally adjusted number was up only 200,000. Last week the real number was 726,000, so this is a material rise of over 225,000, yet the
seasonally adjusted number suggests a rise of only 57,000 from last week.
The continuing claims data leaped over 500,000 to (again, not a typo!) 5,832,746. The length of time people are staying unemployed is also rising rapidly. We are up almost 1.5 million new continuing claims in just the last five weeks. That is a stunning rise of over 30% in unemployment claims in just over a month. The data is truly ugly, but it is what it is.
The advance number of actual initial claims under state programs, unadjusted, totaled 952,151 in the week ending Jan. 10, an increase of 220,205 from the previous week. There were 547,506 initial claims in the comparable week in 2008.
The highest insured unemployment rates in the week ending Dec. 27 were in Oregon (7.4 percent), Michigan (6.6), Idaho (6.3), Wisconsin (6.0), South Carolina (5.4), Arkansas (5.3), Nevada (5.2), Pennsylvania (5.2), Indiana (5.1), and Montana (5.1).
Originally posted by redhatty
I didn't post this to be a mudslinging blame game.
I posted it to show people that as we go further and further into national debt, the tax base is shrinking and shrinking.