These numbers aren’t just ‘good’. When you adjust for statistical change over time, they’re absolutely jaw-dropping!
It’s one thing to have a new forty-nine year low for jobless claims when you measure it by percentage of population…
It’s quite another thing to have a forty-nine year low measured in absolute numbers.
Think about it. Here is the report:
Those expectations were underscored by other data on Thursday showing the number of Americans filing for unemployment benefits fell last week to a 48-year low as the labor market tightens. Another a survey showed prices paid by manufacturers for raw materials hit a more than six-year high in February.
The combination of rising inflation and a robust labor market could force the Federal Reserve to raise interest rates a bit more aggressively this year than currently anticipated as it worries about the economy overheating. The U.S. central bank has forecast three rate hikes in 2018. The first rate increase is expected later this month. —Reuters
Reuters had a particular angle they were trying to drive with that story, tying strong jobs numbers to inflation concerns.
What. A. Surprise.
But they still let the cat out of the bag. “48-year low”
Breitbart was happy to report actual numbers and proper context:
Jobless claims fell last week even further to a new post-1969 record of 203,000.
This is the lowest level for initial claims for state unemployment benefits since December 6, 1969 when it was 202,000.
The 4-week moving average, considered a better gauge of the labor market because it smooths out week-to-week volatility, fell to 209,500 from 212,250. This is the lowest level for this average since December 6, 1969 when it was 204,500.
But here at ClashDaily, we think even THEY missed the most important part of the story.
Initial unemployment benefit claims that were the lowest since the year of the Moon Landing is impressive, sure. But back then, how many people (total) were living in the US of A?
Total population in 1969? According to the US Census Bureau, on Jul 1, 1969, there were 202.68 million people in America.
Total population in 2019? On the very same page, it tells us that Aug 1, 2018 officially had 328.26 million people here in America.
This is a rough-and-ready number that doesn’t account for anyone who is too young, too old, or too injured to work.
But let’s stack those numbers in their proper historical context.
In 1969: 204,500 out of 202.68 Million people applied for benefits.
In 2018: 209,500 out of 328.26 Million people applied for benefits.
Holy crap! How “MAGA” is THAT? With a population total more than 100 million LARGER and we’re STILL almost caught up to the 1969 numbers.
Then again, Trump predicted this would happen, didn’t he?
Had enough yet? Or will we see a Red Wave in the Midterms so we can roll right over the Obstructionist Left?