Jobless claims rise, Unemployment rate, Real truth about economy

“Winston dialed “back numbers” on the telescreen and called
for the appropriate issues of the Times, which slid out of
the pneumatic tube after only a few minutes’ delay.  The
messages he had received referred to articles or news items
which for one reason or another it was thought necessary to
alter, or, as the official phrase had it, to rectify.  For
example, it appeared from the Times of the seventeenth of
March that Big Brother, in his speech of the previous day,
had predicted that the South Indian front would remain quiet
but that a Eurasian offensive would shortly be launched in
North Africa.  As it happened, the Eurasian Higher Command
had launched its offensive in South India and left North
Africa alone.  It was therefore necessary to rewrite a
paragraph of Big Brother’s speech in such a way as to make
him predict the thing that had actually happened.”…George Orwell, “1984”

I had a conversation with a savvy friend of mine yesterday, who keeps up with news and gets it about the economy. I told him that I had been watching the jobless claims reports and that I was curious about the next report, which came out this morning. I applied some common sense and questioned what the real unemployment numbers are when the new college graduates are factored in. We both agreed that the real unemployed figure was far greater than the 9.7 % figure offered by the federal government.

This morning one of my questions was answered.

“In the week ending June 12, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 12,000 from the previous week’s revised figure of 460,000.”

Read more:

http://citizenwells.com/2010/06/17/jobless-claims-rise-june-17-2010-us-labor-dept-12000-increase-initial-claims-472000/

This probably does not factor in recent college grads but it is, however, a best case scenario from the government. I continue to read the fairy tales about the economy while truth reporters such as Rush Limbaugh warn that much of the business activity is geared to putting income in 2010 and not later years when Obama tax increases will be non business, non economy friendly.