Staff Reports
In recent weeks, the Biden administration has been touting the consistent and low number of weekly unemployment filings as a sign of the stability of the current economy. The U.S. Labor Department has reported that for several weeks in a row, the number of filings has remained at a steady 212,000, with only a slight bump to 222,000 one week. This trend has raised some eyebrows, with both economists and reporters questioning the statistical probability of such little fluctuation in these numbers.
Economists and analysts have pointed out that the number of initial unemployment filings typically fluctuates due to various factors such as state rules, weather, holidays, and economic conditions. However, the consistent nature of the figures reported by the Labor Department has led to skepticism about the accuracy of these statistics. Some have even gone as far as to suggest that the numbers may be “cooked” or manipulated to present a more positive image of the economy.
Below is the number of initial filings for unemployment insurance.
How is this statistically possible?
Five of the last six weeks, the exact same number.
Effectively the same number in the last 11 weeks, except for the holiday weeks (President's Day and Easter).
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Consider… pic.twitter.com/vZbWWC7DRr— Jim Bianco (@biancoresearch) April 18, 2024
Additionally, concerns have been raised about the Biden administration’s handling of economic numbers in other areas as well. It has been noted that in 11 out of 13 jobs reports, the initial numbers were later revised downward, indicating a tendency to initially report more favorable figures and then quietly adjust them later.
These concerns about the accuracy and reliability of economic data have led to questions about the true state of the Biden economy. While the administration has been quick to highlight positive numbers, there is growing skepticism about the transparency and honesty of the reported figures. As the debate continues, it remains to be seen how the Biden administration will address these concerns and restore confidence in the reliability of economic data.
