Thursday, June 10, 2010

AP, desperately searching for what might be good news in the jobless claims report, kinda maybe finds some.

AP: Jobless claims fall a little bit.

Since claims fell from a revised upwards number, they couldn't roll out their #1 favorite adverb of all time. AP did however, find what they think might be some great news:

WASHINGTON (AP) -- The tally of laid-off workers continuing to claim jobless benefits fell by the largest amount in almost a year, suggesting that more unemployed workers may be finding work.

At the same time, new claims for unemployment insurance dipped slightly for the third straight week.

The Labor Department says the total unemployment benefit rolls fell by 255,000 to a seasonally adjusted 4.5 million. It was the lowest total since December 2008. Analysts polled by Thomson Financial expected a much smaller drop.

The gist, of course, is that since those on the federal dole dropped sharply, the economy is obviously creating jobs, right?  Not so fast my friend...

Some of those recipients may have exhausted the 26 weeks of benefits customarily provided by most states. A Labor Department analyst said state agencies didn't provide any explanation for the drop.

So in one paragraph, AP breathlessly reports that jobs may be easier to find, while in a later paragraph, AP kinda says that may be a good thing since extended jobless benefits are expiring anyway.


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