So yesterday the government's Bureau of Labor Statistics reported that weekly new claims for unemployment compensation rose by 4,000 to 371,000. The consensus among economists had been for new claims to fall to 362,000. There was very little commentary about these numbers on the internet yesterday but, no matter how I slice it, these numbers bespeak a macro-economy caught in a 'dead-cat bounce,' an economy where an unemployment rate below 8% is considered progress and where annual growth in GDP of 2% is considered a sign of health.
It really brings to mind Disraeli's witticism that there are "lies, damned lies and statistics." I'm willing to wager that when California's unemployment numbers for December are finally released, the figure will still be hovering around 10%. (California's UE rate was 9.8% in November 2012.)
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