I'm beginning to have doubts about the accuracy of statistics from a post-DOGE Bureau of Labor Statisticsx.
The fact that their latest numbers have initial unemployment claims falling to the lowest number in 3 years.
I'm going to call bullsh%$ on this, particularly since continuing claims have are trending upward:
Applications for US unemployment benefits fell last week to the lowest in more than three years, indicating that employers are still largely holding onto workers despite a wave of recent layoff announcements.
Initial claims decreased by 27,000 to 191,000 in the week ended Nov. 29, a period that included Thanksgiving. The weekly claims data can be particularly choppy around holidays. The figure was below all estimates in a Bloomberg survey of economists.
The four-week moving average of new applications, a metric that helps smooth out volatility, fell to 214,750 last week. That’s the lowest since January, according to Labor Department data released Thursday.
………
While continuing claims — a proxy for the number of people receiving benefits — retreated to 1.94 million in the week ended Nov. 22, they remain near the highest since 2021. The low-hire, low-fire job market has kept a lid on initial applications for unemployment benefits, but it has also limited out-of-work Americans’ ability to find a new job.
US companies shed payrolls in November by the most in over two years, driven by small businesses, according to ADP Research data released Wednesday. That report, alongside the weekly claims figures, will help inform Federal Reserve officials as they decide whether to lower interest rates for a third-straight meeting next week.
As I've noted before, we are already in a recession, or at l;east 80% of the population is.
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