Posted on 11/03/2011 6:32:20 AM PDT by SeekAndFind
First-time jobless claims dropped again last week to the lowest level in five weeks, as the labor market make halting improvements.
Applications for unemployment benefits dropped by 9,000 to 397,000 in the week ended Oct. 29, from last week's revised figure of 406,000, the Labor Department reported on Thursday.
The four-week moving average, a less volatile measurement, fell 2,000 to 404,500, from the previous week's revised average of 406,500. The monthly figures have shown consistent drops in recent weeks as companies curtail layoffs.
The government is due to release figures for October on Friday with estimates of job growth ranging between 95,000 and 125,000 the unemployment rate is expected to remain stuck at 9.1 percent.
Overall, the number of people receiving jobless benefits hit a six-month low, another sign the market may be stabilizing although progress remains slow.
Economists said claims for benefits need to drop below 375,000 to indicate a healthy job market, more jobs and a lower unemployment rate.
Applications fell to 375,000 in February and stayed below 400,000 for two months, before hitting an eight-month high of 478,000 in April.
The economy generated 103,000 net jobs in September, well below what is needed to lower the unemployment rate which stayed at 9.1 percent for the third straight month but calming fears of a double-dip recession.
Economic growth also helped to relax concerns last week when the Commerce Department announced the economy grew 2.5 percent in the third quarter.
A separate report on Wednesday, showed that the jobless rate dropped in 75 percent of the nation's largest U.S. cities, a sign that job creation is happening across most of the country.
The Labor Department said that unemployment rates fell in 280 large metro areas from August to September
(Excerpt) Read more at thehill.com ...
Huh? No, your are incorrect. It sounds like you are mixing up reports or something. The economy needs to add about 100,000ish jobs per month to account for population growth. That is approximately what we are getting which is why the unemployment rate has stuck at 9.1% for so long. If we actually added 800,000 per month it would signal a very rapid expansion and the unemployment rate would drop dramatically.
The weekly jobless claims is something entirely different. Even in a very good economy there are hundreds of thousands of new unemployment claims each week. If the number of new weekly jobless claims is over 400,000 it generally signals a very sluggish job market. Anything under 400,000 generally signals some job growth. If we start seeing numbers around 350,000 or under it means we are seeing more significant job growth.
At 400k new jobless per WEEK, that is 1.6 million new unemployed per month. 100k new jobs per MONTH isnt going to make a dent in that.
You are mixing up reports, apparently misunderstood Varney and are otherwise entirely incorrect. You should stop posting on this subject till you know what you are talking about.
TomGuy does not know what he is talking about.
Literally every week people post ignorantly about these reports because they’ve never bothered to find out what what they actually mean, how they are different and what represents good versus bad numbers. It is really quite tiresome.
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