Unemployment data distorted by auto sector, economists say

07/10/2009 | Reuters

The U.S. Labor Department said the number of initial claims for unemployment benefits dropped in the week that ended July 4. But economists said an unusual shift in the pattern of layoffs by the auto industry distorted the data. "Ignore this number," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "Our old and unpredictable friend, the annual auto shutdowns, has struck again, rendering the data meaningless this week and for the next few weeks."

View Full Article in:

Reuters

Published in Brief:

SmartBrief Job Listings for Business

Job Title Company Location
VP of Video Content Distribution
Calkins Media
Levittown, PA
Administrative Assistant
Watco Companies
Los Angeles, CA