Posted on 03/07/2013 6:22:23 AM PST by John W
WASHINGTON (AP) — The number of Americans seeking unemployment aid fell to a seasonally adjusted 340,000 last week, driving down the four-week average to its lowest level in five years. The drop is a positive sign ahead of Friday's report on February job growth.
Applications for benefits fell 7,000 in the week ended March 2, the Labor Department said Thursday. That's near five-year lows reached in January. And the four-week average, a less volatile measure, dropped to 348,750. That's the lowest since March 2008, just a few months into the Great Recession.
Weekly applications are a proxy for layoffs. When they fall, it suggests that companies are shedding fewer jobs. More hiring may follow.
(Excerpt) Read more at usnews.com ...
... this number is sure to be revised upwards in later reports ...
Per Zero Hedge
“..non-seasonally-adjusted claims rose at their fastest rate of the year”
In the week ended Feb. 23, meanwhile, continuing claims inched up by 3,000 to a seasonally adjusted 3.09 million.
Continuing claims reflect the number of people who already receive regular unemployment benefits. Most states typically offer 26 weeks of unemployment pay.
Do I remember this correctly...wasn’t it just last year, or maybe the year before, or perhaps three years ago, when pundits and economists were telling us “in order to see any dent in the unemployment rate, the number of new claims had to be less than 300K/week, for a sustained period of time?
It used to be 250k.
After a long enough period without obtaining a job in your field (and it can be far less than a year), you may be dropped from the “unemployment rolls”.
Doesn’t mean unemployment is dropping, it could mean that some people are being thrown under the bus for making Obama look bad.
“Best in 5 years” my a$$.
It may have something to do with Tier 4 benefits that were eliminated in January and are no longer given.
Great news. The Obama work crews are paving the Streets with Gold as we speak.
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