Posted on 02/22/2018 9:45:08 AM PST by Red Badger
New applications for unemployment benefits dropped 7,000 to 222,000 in the second full week of February, the Department of Labor reported Thursday, the second-lowest mark of the recovery and a good sign for the economy.
Forecasters had expected new jobless claims to remain steady at an ultra-low 230,000. Lower claims are good news because they mean fewer people are getting laid off.
Thursday's mark is the lowest since the early 1970s, setting aside the week of January 13, when claims touched as low as 216,000.
The report should raise expectations for a very strong jobs report for the month of February, since it covered the week in which businesses will be surveyed.
From the low level of claims, it appears that employers are holding onto employees more, rather than laying them off, likely because workers are becoming harder to find.
"In short, claims remain historically low, consistent with the trend in employment growth remaining more than strong enough to keep the unemployment rate trending down," noted Jim O'Sullivan, chief U.S. economist for High Frequency Economics.
The unemployment rate already stands at 4.1 percent, the lowest since the turn of the century. And there are just 1.1 unemployed workers for every advertised job opening, a lower ratio than during the housing boom.
The Trump administration has set a goal of not just lowering unemployment, but also raising the labor force participation rate, bringing workers who may have quit the job search in recent years back into the hunt. That is a tall task, given the retirement of the Baby Boom generation and other long-running demographic changes.
The jobless claims numbers are adjusted for seasonal variations. The Labor Department said that state agencies are still having trouble collecting claims in Puerto Rico and the Virgin Islands, which were hit by hurricanes last year.
Thanks, Obama!
For being long gone.
OH NO!
The Party of the non-Working Class is losing members...
According to the liberals, Obama planted the seeds of economic development and growth during his presidency. And those seeds are sprouting now.
He supposedly presided over economic stagnation as president, so that we would see the long term results of his policies after he was gone.
And to the liberals, none of this has anything to do with Trump or the tax law changes.
Who?
More importantly, how many HIRES were there?
Many of these layoffs are because of attrition of job slots because of automation of some kind, greater productivity per employee, and simply job obsolescence. A smaller number may have been because of just a poor fit of an employee for the assigned tasks, and personal friction as a result.
There shall always be a continuous churn in the job market.
Obama padded his administration’s eminent failure with the statement that it would probably take more than two terms to dig out of the recession he “inherited.”
And they ate it up like gospel truth.
“From the low level of claims, it appears that employers are holding onto employees more, rather than laying them off, likely because workers are becoming harder to find.”
With the War on Cops now being waged at Drive-Thru windows, I’d say we’re at FULL, or perhaps even OVER-employment.
Anyone who wants a job seems to be able to find one now, and some shouldn’t be hired.
Labor participation rate looks low and flat lately.
Great news which Wall Street will take as bad news draining my 401(k) even more.
Ah yes, a mantra during Obama’s time was how he inherited such problems which defied easy or timely solution.
Up until the end, he and his henchmen/apologists blamed his problems on leftover Bush era issues.
I can’t recall any other president, Republican or Democrat, who blamed his predecessor for all the world’s problems deep into his own term as president.
When will Pelosi and her Black Slave Caucus claim that this is still just crumbs and only white people are getting those jobs.
AND they are trying to lay claim to THIS economy as THEIRS!..................
Draining your 401k? Hasn’t your 401k gone up significantly since Trump has been president? How is your money invested that you experience losses when the job picture improves?
They already are...................
Fear not for your 401(k). Just hope new money goes in during this “sale”.
I was being facetious. Ever since the start of this ‘correction’ it seems Wall Street reacts to all good news by selling off. Janet Yellin got her last shot in with her inflation fears comments. We seem to be enjoying a nice rally today though.
Most liberals know very little about the economy.
There goes Trump kicking poor people off unemployment....sarc/on
Maybe FDR?
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