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initial claims

First 100 days (of the stimulus bill)

May 28, 2009

The White House is praising the stimulus bill, saying that it has created 150,000 jobs in its first 100 days. Unfortunately, in the last 100 days 9,000,000 people filed jobless claims for the first time.  Thus, the stimulus bill has offset less than 2% of the jobs lost, or - to spin it positively - […]

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On revisions, episode IV (A New Hope?)

May 28, 2009

Durable goods +1.9% vs 0.5%! Durables ex-transportation +0.8% vs -0.3%! Initial jobless claims 5k under expectations! The headlines looked pretty good at 8:30 am, until you took a look at the revisions. Indeed, today's economic numbers serve as yet more examples of creating the false perception of growth by changing the past. Durable goods orders were […]

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