size of JPG after processing

isn't the jpg that comes out of the camera just a compressed version of the raw file?  i was thinking that if I process the raw file and save it as a 7mb file, it has less compression (ie: closer to the raw file quality) than the 5mb jpg that came out of the camera.   that's not right?

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http://500px.com/baneling
Canon T3i
Canon EF-S 18-55mm f/3.5-5.6 IS
Canon EF-S 55-250mm f/4-5.6 IS