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.

[xzins]

Ya know, Tex, it's gotta be getting harder and harder each week to find that many more jobs to lose. We've been hemorrhaging jobs since the Dems took congress and Obama took the presidency.

[wmfights]

Ya know, Tex, it's gotta be getting harder and harder each week to find that many more jobs to lose.

Most folks don't understand how bad the numbers are or how long it will take to get back to where we were before the recession.

We've lost about 8.5 million jobs.

We need 125,000 jobs to be created every month to stay even with population growth.

IOW, if the economy starts creating 250,000 jobs a month it will take apprx 5.5 yrs to get back to where we were before the recession.

We haven't come close to adding 250,000 jobs a month except to hire temporary census workers.

[omegadawn]

This is all about politicans playing word games. 29,000 less people qualified for a extension during the week. The politicans interchange words when it suits their purpose. Did the government “actually “ say that these people had never filed a claim before? Fling a extension is considered a new claim( at least now it is). Did you know that the government declared 650,000 unemployed citizens as non- job seekers and are no longer considered unemploymed. This is the only way they are able to keep the “unemployment” rate below 10%.

[xzins]

250,000 jobs a month for 6 years to catch back up.

It’s amazing, wmfights, but they also don’t know that the huge loss in jobs began when the liberals took over Congress at the beginning of 2007 and began spending like crazy and ruining markets, particularly the housing market. I remember warnings about the housing bubble, and Congress response that everything is just fine.

This recession belongs to them with 2 exceptions that I can think of:

1. the medical prescription over-spending of the republicans

2. pres. Bush getting stampeded by the sky-is-falling alarm that we had to have 750 billion by Friday or they’d kill his firstborn.

[wmfights]

...the huge loss in jobs began when the liberals took over Congress at the beginning of 2007 and began spending like crazy and ruining markets,...

I think your observation is spot on!

2. pres. Bush getting stampeded by the sky-is-falling alarm that we had to have 750 billion by Friday or they’d kill his firstborn.

I liked Pres. Bush for a lot of reasons. The most important being I think he is a good and decent man who would try to do what he believed was the "right thing" no matter the consequences to him. On the wall street bailout he got bad advise and he made a bad decision. The problem is it may have led to the destruction of our market economy.

I was opposed to the bailout for several reasons but the most important one was the power of failure to regulate business. Failure use to be the greatest regulator. If you make bad decisions and fail you're out of business.

Because of the bailout the corporatism that will deny opportunity to the risk takers is being made law. Pres. Bush opened this door and the radical socialists ran through it.