Initial jobless claims fall 29,000 to 429,000 in latest week (Fewest first-time filings in 2 years)

Marketwatch ^ | 07/15/2010 | Ruth Mantell

[SeekAndFind]

The number of people submitting initial applications for state unemployment insurance benefits fell 29,000 to 429,000 last week, hitting the lowest level since August 2008, the Labor Department reported Thursday.

Economists surveyed by MarketWatch had expected first-time claims at a level of 445,000 for the week ended July 10.

[SeekAndFind]

"Unless there has been an incredible outbreak of hiring to meet a forceful upward move in domestic demand, it is almost assured that the drop in claims is related to Congress's inability to extended funding for unemployment benefits," Greenhaus wrote.

[rawhide]

Look for obamma to come and say the nation is headed in the right direction!

There has to come a point where the jobless claims have to slow down, due to fact companies have cut the number of their employees to the bare-bone.

[stylin19a]

I don't get Greenhaus...what does an extension have to do with first time claims ?

[libertarian27]

Biden: “Only 429,000 lost their jobs last week - let’s party!”

[Carley]

wwwoooooooohooooooo

ONLY 429,000 people filed for unemployment.

Celebration time.

[Flightdeck]

Initial jobless claims will be zero when nobody has a job. Is that what we’re going for?

[moose2004]

The “drop” was also the result of US automakers not laying off workers during the summer as they have traditionally done in the past, reason being is they have already shaved their employment ranks to the bone.

[Triple]

that seems wrong - this is initial claims - not ongoing claims

thoughts?

[TheBattman]

“first-time filings”.... important detail. IT does not indicate that total filings are falling.

[qwertypie]

Reuters explained the seeming reduction as a statistical adjustment for usual temporary auto worker layoffs that didn’t happen. In actuality, the initial claims number is probably around the 455k that it has been centering around.

[GlockThe Vote]

4 day work week!!!!!!!!!!!

[Abathar]

Just to put things into perspective for the Joe Bidens of the world. Although not exact, but it's pretty close to the number of people filing last week.

[TSgt]

The four-week average of these continuing claims increased as well, rising 22,000 to 4.58 million.

[Psycho_Bunny]

I’m going to start writing checks based on statistical adjustments of my checking account and see what my bank does....

[TomGuy]

for the week ended July 10

Which included Monday, July 5, which was a holiday for many. Thus, the week ending July 10 was a short work-week for many.

[Neoliberalnot]

Fewer people are working now, so the drop in claims is inevitable. Where is captain obvious?

[wbill]

Nowhere was it mentioned that last week was a 4-day-week. Less time to process claims, less people making them, (lots of vacations too, but that's just a guess) I figure.

However, I would postulate that if claims had gone UP, then "The Four Day Week would have contributed to weakened hiring among employers", yada yada yada.

I don't believe a thing coming out of DC.

[Zeppelin]

Initial jobless claims will be zero when nobody has a job. Is that what we’re going for?

I have more good news for you!

The Titanic is no longer sinking.

[Carley]

July 4th. good catch

[nascarnation]

great pictorial!
of course the MSM only uses those when Republicans are in office