Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Again! Failure of the Media to Report Actual Claims for Unemployment Insurance
If you were watching CNBC this morning, Thursday, July 12, 2012, you heard the “great news” that the number of initial unemployment unemployment insurance claims decreased during the week ending July 7, to 350,000 from the previous week’s revised figure of 376,000. While the US Bureau of Labor Statistics was circumspect in calling the number “the advance figure for seasonally adjusted” initial claims, none of the commentators did. The BLS is also circumspect by also reporting “the advance number of actual claims” which totaled 439,743 during the same week, an increase of 69,971 from the previous week.
Why the media choose to report a seasonally adjusted figure when the actual number is known, we attribute to laziness, reading only the introductory paragraph instead of the introductory two paragraphs. The seasonal adjusted figure should be reported as a footnote to the unadjusted number with the principal components of the seasonal adjustment called to the reader’s attention.
Shame on CNBC. We advise the readers to check tomorrow’s report of the data in the Wall St. Journal, the NY Times, or his other preferred medium to see what they report. If they read this blog, they will report both figures. We would appreciate knowing whether any of our readers heard, saw, or read the actual number of claims in any TV or printed medium.
Last 100 Years
Real Estate Taxation
Journal of Economic Literature:
Atlantic Economic Journal: