Peter Barnes
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Peter Barnes
Peter Barnes joined FOX Business Network (FBN) in September 2007. He serves as FBN’s senior Washington correspondent.
Until 2004, Barnes served as the Washington bureau chief and correspondent for television group Hearst-Argyle. He has also worked at numerous business programming outlets, including TechTV from 2001 to 2003, where he was the Washington bureau chief for the satellite channel which specialized in technology coverage.
Barnes served as an anchor and Washington correspondent for CNBC from 1993 to 1998. In 1996, he anchored Capitol Gains, an election year weekday morning show on business, economics, and politics. Barnes received a Cable ACE Award while at CNBC for a special series on retirement.
A graduate of Pennsylvania State University with a Bachelor of Arts in political science, Barnes also holds a Masters of Business Administration from the Wharton School at the University of Pennsylvania.
Barnes was born in Rochester, NY and raised in Philadelphia, PA.
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Each Thursday at 8:30 a.m. EST, the government tells us about how many people went through one of the most unpleasant experiences of their lives: filing for unemployment help for the first time. It's essentially a survey, since state unemployment is managed by your state, not the federal government.
The report runs like clockwork, but it¿s notoriously inaccurate. For one thing, the number often has wide swings from week to week, so it's a rare event for the figures to come in exactly as economists predict. Second, it is very seasonal. Folks like school bus drivers often file claims when summer comes around, and other people get retail jobs as the holidays approach. Some economists like to use it to handicap the big monthly employment situation report, but they often do so at their statistical peril
Sometimes, weekly jobless claims make political, rather than economic, noise. If there¿s a big spike in claims, some politicians will often cite the number as a sign the economic sky is falling. But, it's important to remember what the weekly jobless numbers don't tell you: you don't know how long these folks stay unemployed, how long they've been out of work in the first place, or even if they're truly out of work and not just trying to scam the government.
Because it's so unreliable, economists usually put the past four weeks together and look at a moving average. That gives a little better picture of the overall trend, but it's still not a great indicator.