I TOLD YOU SO: Last week’s unemployment number revised upwards “from 418K to a whopping 427K.” Keep that in mind when looking at this week’s number of 405K, described here as “probably totally bogus.” There’s probably some good news in spite of the bogosity, but watch for another upward revision next week. That seems to be the pattern.

UPDATE: A Wall Street reader emails:

The reported unemployment claims data is nearly worthless these days, as the seasonal adjustments are based on outdated
automaker retooling schedules. The adjusted data this week shows a decline of 22,000…great news, right? Wrong. It’s a statistical
mirage. Actual claims rose a full 10 percent week over week, up 45,000. Here’s the govt press release.

The other economic news this morning was uninspiring too…pipeline inflation creeping up, and flat-lining core retail sales. Anecdotally, I hear social security recipients are holding off on spending, as they fear Obama may indeed halt their checks next month.

Insert hope and change snark here.

Consider it done.