Redundant Statistics Watch: Jobless Claims Spike

Do we really need so many different jobs numbers all telling us the same thing? There’s the unemployment rate (highest in years), the payroll numbers (very ugly), and today we got the jobless claims (surprise, bad!). Perhaps the recession would be a good time to cut back on collecting redundant stats. Just a suggestion of where we could trim the budget:

WSJ: The weekly jobless-claims data, which included a 25-year high level of total claims lasting more than one week, suggest further big drops in employment that threaten consumer spending ahead of the critical holiday spending season.

Initial claims for jobless benefits jumped 32,000 to a seasonally adjusted 516,000 in the week ended Nov. 8, the labour Department said Thursday. That’s the highest since Sept. 29, 2001. Economists surveyed by Dow Jones Newswires had expected claims to only rise 4,000.

See Also:

Jobs Report Just Lies Lies Lies

October Job Report Hideous: 6.5% Unemployment, -240,000 Jobs

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