Weekly jobless claims drop after weekly upward revision

Talk about a scam:

The only thing more amusing than the weekly upward revisions in the initial weekly jobless claims are the media reports of significant drops afterward. Today's case in point is the "drop" to 377,000 from last week's 383,000, which got revised upward to 389,000 ... the 64th upward revision in 65 weeks.

In the week ending June 2, the advance figure for seasonally adjusted initial claims was 377,000, a decrease of 12,000 from the previous week's revised figure of 389,000. The 4-week moving average was 377,750, an increase of 1,750 from the previous week's revised average of 376,000.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending May 26, unchanged from the prior week’s unrevised rate.

The advance number for seasonally adjusted insured unemployment during the week ending May 26 was 3,293,000, an increase of 34,000 from the preceding week’s revised level of 3,259,000. The 4-week moving average was 3,279,500, an increase of 11,500 from the preceding week’s revised average of 3,268,000.