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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJobless claims reverse course, bounce back up
Jobless claims reverse course, bounce back up
By Steve Benen
Last week's initial unemployment claims were so extraordinarily good, it was widely assumed we'd see the new figures from the Department of Labor start to bounce back in the other direction. This morning, that's exactly what happened.
<...>
In terms of metrics, when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've now been below the 370,000 threshold 10 of the last 15 weeks.
And with that, here's the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I've added an arrow to show the point at which President Obama's Recovery Act began spending money.
http://maddowblog.msnbc.com/_news/2012/10/18/14533568-jobless-claims-reverse-course-bounce-back-up
By Steve Benen
Last week's initial unemployment claims were so extraordinarily good, it was widely assumed we'd see the new figures from the Department of Labor start to bounce back in the other direction. This morning, that's exactly what happened.
Applications for U.S. unemployment benefits jumped 46,000 to a seasonally adjusted 388,000 in the week of Oct. 7-13, the Labor Department said Thursday, erasing the sharp drop from the prior week. Claims had fallen two weeks ago to a four-year low, but the decline mainly stemmed from a statistical quirk in the data that often happens at the end of a quarter and it was not reflective of a rapidly improving labor market. Initial claims from two weeks ago were revised up to 342,000 from an original reading of 339,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch expected claims to rise to 365,000 in the most recent week. The average of new claims over the past month, meanwhile, edged up by 750 to 365,500.
<...>
In terms of metrics, when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've now been below the 370,000 threshold 10 of the last 15 weeks.
And with that, here's the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I've added an arrow to show the point at which President Obama's Recovery Act began spending money.
http://maddowblog.msnbc.com/_news/2012/10/18/14533568-jobless-claims-reverse-course-bounce-back-up
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Jobless claims reverse course, bounce back up (Original Post)
ProSense
Oct 2012
OP
This may be a good thing, the noise will likely end back south in time for a good number
HereSince1628
Oct 2012
#5
Bucky
(54,013 posts)1. The job creators are eagerly anticipating the Romney recovery.
Once he gets his ass kicked in the election, I'm sure he's going to get busy putting his billions in dormant capital to work in creating new jobs and building new businesses.
WCGreen
(45,558 posts)2. Well, there are a lot of seasonal people that are let go this time of year..
Anyway, we are closer ot 2007 levels than we are to 2009 levels so I have to say things are better than they could be much higher than they should be.
kentuck
(111,095 posts)3. Is the economy safe enough and strong enough for the Repubs to take back over?
That is the question?
brush
(53,778 posts)4. Not enough info
Is it still under 8%?
HereSince1628
(36,063 posts)5. This may be a good thing, the noise will likely end back south in time for a good number
just before the election...
ProSense
(116,464 posts)6. Yeah, and there isn't going to be a
peep out of the RW about how these numbers are cooked.