CNBC classic misleading report on Unemployment and another BLS upward revision in Jobless claims.

Published: Thursday, 7 Oct 2010 | 8:34 AM ET

The report below was published on CNBC this morning. It claimed the unemployment picture was improving because the initial claims dropped 11,000. Meanwhile the prior week's number was revised UP AGAIN by 3,000. Also, tucked away on the last line of the article was the mother of all bombs....it is highlighted... Emergency benefit applications for claims INCREASED BY OVER 157,000 to 4.1 MILLION. These are people who have dropped off the traditional unemployment benefit numbers!!! And still need to collect unemployment.

New U.S. claims for unemployment benefits unexpectedly fell last week, touching their lowest level in nearly three months, according to a government report on Thursday that pointed to some stability in the troubled labor market.

CNBC.com

Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 445,000, the lowest since the July 10 week, the Labor Department said.

Analysts polled by Reuters had forecast claims edging up to 455,000 from the previously reported 453,000. The government revised the prior week's figure up to 456,000.

Although the data has little bearing on September's employment report due on Friday as it falls outside the survey period, it does little to change perceptions the Federal Reserve will roll out a new asset purchasing program next month to keep interest rates low.

Non-farm payrolls were likely unchanged last month as more temporary census jobs ended and broke state and local governments laid off workers, even as private hiring picked up, according to a Reuters survey.

A Labor Department official said only one state had been estimated in last week's claims data. The four-week average of new jobless claims, considered a better measure of underlying labor market trends, to fell 3,000 to 455,750, the lowest level since the July 24 week.

The second straight week of declines in new applications for unemployment benefits pushed them further away from a nine-month high of 504,000 touched in mid-August. Claims are now in the upper end of the 400,000-450,000 range that analysts say is normally associated with labor market stability.

The number of people still receiving benefits after an initial week of aid dropped 48,000 to 4.46 million in the week ended Sept. 25, the lowest since June 26, from an upwardly revised 4.51 million the prior week.

Analysts polled by Reuters had forecast so-called continuing claims dipping to 4.45 million from a previously reported 4.46 million.

The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, slipped to 3.5 percent during that period from 3.6 percent the prior week.

The number of people on emergency benefits increased 157,735 to 4.1 million in the week ended Sept. 18.