Skip to comments.Weekly jobless claims fall to new 5-year low
Posted on 05/09/2013 6:46:51 AM PDT by SeekAndFind
First-time jobless claims continued their descent last week, falling to their lowest level in more than five years and providing another sign that the labor market is healing.
The number dropped by 4,000 last week to a seasonally adjusted 323,000, the best showing since November 2007, a signal that employers are laying off fewer workers, the Labor Department reported on Thursday.
The four-week moving average, a figure that provides a better trajectory of where the labor market is headed, dropped 6,250 to 336,750.
This week's figure reflects a healthier labor market. Economists say the market is in better shape when applications fall below 375,000.
Nearly a week ago, the government reported that employers added 165,000 jobs in April, a figure that exceeded expectations but also came with a warning that across-the-board spending cuts could start slicing away at the progress during the summer.
Early estimates from economists that job growth could drop to around 125,000 a month during the summer while the economy absorbs the effects of the $80 billion sequester.
The White House and congressional leaders continue their calls to replace the sequester but there remains a gulf between how they want to cover the costs.
Democrats want a mix of revenue raisers and spending cuts while Republicans remain inclined to push for a different set of spending cuts.
(Excerpt) Read more at thehill.com ...
“providing another sign that the labor market is healing” . . . it’s not healing . . . it’s bled out!
They know that if a Pubbie ever manages to get elected he’d correct the numbers and unemployment would immediately surge to 27 1/2 %.
There’s nobody left to lay off!
Damn, that Obamanomics is miraculous.....
More reason to believe the Bull Market is going to continue to run. They’ll be pullbacks now and again, but we could be looking at Dow 16-17k this year.
At the current rate of net hiring, the years required to get back to pre-recession employment rates will be over SEVEN YEARS.
That’s a post-Depression high. No other recession has ever been this bad.
Every single policy implemented has been counterproductive.
At the rate we’re going, we will encounter the next recession before we ever recover from this one.
4WMA is the lowest since November 2007 and well within (actually below) average (average since 1963 - 363,500).
Its not the report...its the revision that tells the tale.
that’s why you look at the 4 week average. It smooths the revisions from the initial estimates.
People’s unemployment benefits have run out and they’ve moved back in with Mommy and Daddy and given up searching . The 0 bean punters aren’t that bright.
Peoples unemployment benefits have run out and theyve moved back in with Mommy and Daddy and given up searching . The 0 bean counters arent that bright.
Looks like a regular cycle. We are approaching the next minimum and spike.
providing another sign that the labor market is healing . . . its not healing . . . its bled out!”
Were you raised on the farm? This reminds me of something I have posted more than once in the past about how when I was a boy we would pick a frosty Saturday to kill and butcher a hog. My father would go out early to the pen and shoot the hog in the brainpan with a .22 short and then he would roll him on his back and thrust a long knife into the heart resulting in a spout of blood three feet into the air. Of course this spout soon began to weaken and drop lower and lower. The people who report on the labor market would have said the hog was “recovering” simply because the bleeding was slowing.
“The 0 bean punters arent that bright.”
You may be mistakig mendacity for stupidity.
I’ll believe the economy is back when the car dealers lots are near empty. Every dealer’s overflow lots have overflow lots. They are paying interest on all these cars usually monthly.
Even used car lots are full.
--still hasn't recovered from the financial crisis even after five long years of struggle...
Small business owners have laid off everyone except their spouses in their empty shops. Fewer fired but still fewer hired is not the way to heal this moribund economy.