The Jobless Claims Metric Is A Complete Joke

Anyone who follows the jobless claims reports is either ignorant or just not very intelligent  –  FOD (Friend of Dave’s)

The joke’s on us.  While perhaps the monthly non-farm payroll report – while nothing short of blatant fraud in its entirety – may contain some small “kernels” of statistical reality, the weekly jobless report is absurdity in its purified form.  I take that back, the issuance of that report is indeed reflective of a Government showing complete contempt for the relative intelligence of its population.

I wrote an article last week in which I detail why the jobless claims report is completely devoid of any meaningful information about the relative health of the job market other than the fact that, yes, there are still some people getting terminated from jobs from which they are entitled to file for jobless benefits:   Jobless Claims Are Irrelevant.

The fact that Government can issue economic reports do not even remotely represent the economic reality intended to be conveyed by the reports reflects a Government has morphed into a the type of propaganda-generating central American-style Banana Republics at which we used to laugh in the 1970’s.

With all the announced layoffs over the last several weeks, plus all of the private sector regional Fed economic surveys reflective of a workforce in decline, it would be logical for jobless claims to be spiking.   In order to avoid reinventing the wheel, I’ve hypothecated this graph from Zerohedge in order to illustrate the point:

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I take back an earlier statement in which I asserted that the jobless claims report contains no meaningful content.  I was wrong.  The report shows a Government that has decided to hypothecate a fairy tale and use that story in place of reporting the truth.  It reflects the reality of a Government that will go to any lengths in an attempt to perpetuate the fraud and criminality underlying the giant systemic Ponzi scheme being used by the elitists to transfer as much wealth as possible from the U.S. citizenry and into their own pockets.


Dr. Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. Roberts' latest books areThe Failure of Laissez Faire Capitalism and Economic Dissolution of the West