Questions Surround Drop in Jobless Claims and Unemployment

Experts say to not count on last week’s jobless claims by the U.S. Labor Department, which recorded a drop of 30,000 to 339,000, as being accurate. The drop appears likely to be the result of out-of-whack seasonal adjustments for the first week of a new quarter. Economists expect the numbers to bounce back toward recent trend levels next week.

Meanwhile, Rep. Darrell Issa (R-Calif.), chairman of the House of Representatives Committee on Oversight and Government Reform, indicated on Oct. 12 that he might be looking into the recent jobs report that showed unemployment falling from 8.1 percent to 7.8 percent.

"This is an issue where I think our committee has important jurisdiction to make sure we get it right," he said on Fox Business. An Issa spokesperson later said, however, that the committee has no current plans to hold hearings on the matter.

Posted on Friday, October 12, 2012 (Archive on Monday, January 1, 0001)
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