For most of the last eight weeks, each Thursday morning brings a report of "the lowest number of new unemployment claims since 2008". Today is no exception, the claims number is 359,000. The amazing thing, however, is that last weeks number was 348,000 but today's number is reported as lower. During the last eight weeks, at least two weeks were reported as 351,000 but today's number is reported in the media as being lower. How can this be?
The answer is simple. Each of the new "lowest" weeks have had their figures revised upwards during the next report. The 348,000 of last week was changed to 364,000 today. So week after week the media trumpets the new "lowest" figure only to see it melt away. But we never see articles about how the lowest figure is no longer the lowest. Instead we just see the new "low" trumpeted as a success story.
The Cheerleading should really stop.
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