CNN's Costello: 'Jobless Claims Plummeted Last Week': A Whopping 1.5%
It was good economic news on CNN's Newsroom this morning. After a brief mention of radiation in Japan, anchor Carol Costello reported:
Brand new numbers out of the Labor Department this morning. It turns out jobless claims plummeted last week. Down 6,000 to 388,000.
I'm not certain what dictionary CNN news readers use, but "plummet" wouldn't seem to be the right verb. Merriam-Webster's online reference defines plummet as "to fall perpendicularly" or "to drop sharply and abruptly." A 1.5 percent reduction in jobless claims quite clearly doesn't meet those definitions.
Moreover, the 6,000 drop figure is "seasonally adjusted" with a Labor Department statistical technique designed to accommodate fluctuations in the job market. DOL's Employment and Training report included the raw data:
The advance number of actual initial claims under state programs, unadjusted, totaled 354,301 in the week ending March 26, a decrease of 156 from the previous week.
156 fewer jobless claims. Hundreds of billions spent by President Obama and his liberal accomplices on shovel-ready jobs and that's what results.
Yet at CNN, jobless claims "plummeted." Don't they ever tire of trying to prop up Obama's failed administration?