New numbers came out yesterday.

From ZeroHedge

“When we reported on the surge in last week’s initial claims from 342K to 388K, we made one simple forecast: “Remember: this number will be revised to 391K next
week.” We were off: it was revised to 392K. In other words, the data charlatainism at the DOL continues unabated. And of course, today’s Initial Claims number which magically “beat” expectations by 1K, printing at 369K, on expectations of 370K, will be revised to a miss of 372K next week. The BLS has become a total farce. In other manipulated news, the BLS reported the culprit for last week’s surge in Claims: it was California, which saw a +26,935 jump in initial claims, due to “Layoffs across all sectors, with the largest share from the service industry.” This somehow is supposed to offset the -4,979 claims drop from the week before, when all those plunges and jumps in claims took place. Elsewhere, the number of Americans on extended claims and EUCs dropped to 2.1 million, down 1.4 million from a year earlier.”

And those folks didn’t find jobs, they were simply dropped off, no longer counted. Check out the 1st chart, which shows the drop in unemployment by the reported numbers, which is blue. But when you look at the red line which is after they revise it up to reality, you see that it’s mostly a flat level, meaning initial claims continue at much the same level. The officially released line is worthless upon revision. Propaganda.

InvestorsBusinessDaily chimes in with this. Yes, it’s as bad as it looks.

“”In many ways, because of the actions we took early on, we’re actually ahead  of pace in the typical recovery out of a recession like this,” Obama said.

It’s a point Obama and his supporters have made on occasion throughout the  campaign. Earlier this year, Obama told attendees at a fundraiser about the  “extraordinary progress” the economy was making.”

“But the data are clear that Obama’s economic recovery — which started in June  2009, five months after he was sworn in — has been worse than any recovery since  the Great Depression.”

RealClearMarkets asks the obvious question. This is what happens when you listen to Keynesian hacks.

“Did Economists Doom Obama’s Presidency?”

“If President Obama loses the election in November, economists may well end up taking a share of the blame – for good reason. Their models misled him into applying ambitious stimulus therapies to jump start the economy and boost employment that haven’t worked, vastly undermining his re-election prospects.

Back in January 2009, a now infamous study coauthored by Christina Romer, the future chair of the President Obama’s Council of Economic Advisors, and Jared Bernstein, the future chief economist for the Vice President, predicted that an $800 billion economic stimulus targeted toward boosting consumer demand would stave off a severe recession and hold unemployment below 8 percent by the end of 2009.

What was so compelling about their study was the illusion of precision. The Obama administration used their statistical analysis to aggressively promote specific policy proposals, including the package of tax cuts and discretionary federal spending embodied in the so-called stimulus package, the American Recovery and Reinvestment Act of 2009. But little of what they predicted has panned out.”

And this should be a message to the Obama campaign,  from TheWashingtonExaminer

“Bad news will greet Vice President Joe Biden when he arrives in Wisconsin Thursday night. Hours earlier, Oshkosh’s largest employer announced that it will lay off 450 employees in January.”

“”As Oshkosh and others in the defense industry have discussed on numerous occasions, domestic military vehicle production volumes will decline significantly in 2013 due to the reduction in U.S. defense budgets and the fact that military spending is returning to peacetime levels,” the company said in a statement. “Unfortunately, these economic factors require Oshkosh to rebalance its defense production workforce starting in January 2013.”

The company said the layoffs were not tied to the looming budget cuts set to take effect in January.”

We need a new path, this one is not working.