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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJobless claims drop to nearly seven-year low
By Steve Benen
Going into this morning, economists projected a slight improvement in initial unemployment claims, but the new figures from the Labor Department were far better than expected.
The number of people who applied for U.S. unemployment benefits last week fell to a nearly seven-year low of 300,000, a sign the labor market might be experiencing a spring revival. Initial claims in the seven days ended April 5 sank by 32,000 from a revised 332,000 in the prior week, the Labor Department said Thursday . Economists polled by MarketWatch expected claims to total a seasonally adjusted 320,000.
The average of new claims over the past month dropped by 4,750 to 316,250, marking the second lowest read since the end of the recession.
To reiterate the point I make every Thursday morning, its worth remembering that week-to-week results can vary widely, and its best not to read too much significance into any one report.
In terms of metrics, when jobless claims fall below the 400,000 threshold, its considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. At this point, weve been below 340,000 in 12 of the last 14 weeks.
Above youll find 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, Ive added an arrow to show the point at which President Obamas Recovery Act began spending money.
http://www.msnbc.com/rachel-maddow-show/jobless-claims-drop-nearly-seven-year-low
sharp_stick
(14,400 posts)why the GOP is no longer even paying lip service to jobs.
JaneyVee
(19,877 posts)hobbit709
(41,694 posts)even if you're not working.
whatthehey
(3,660 posts)Never mind for a moment that these are initial claims of the newly unemployed rather than a count of the unemployed, your statement would be false even if it were relevant.
The count of the unemployed leading to UE rates are arrived at by huge surveys which are not connected in any way to benefits, and are even handled by different departments.
All you have to do to be in the headline U3 rate is have looked for a job once in the last month. Doesn't matter if your benefits expired decades ago, if you were denied them, or if you never tried. Not even asked about benefits.
All you have to do to be in the broader U5 and U6 rates is to have looked for a job just oncein a whole year. Again - benefits are not even considered.
If you haven't looked for a job just once in a year you either don't want one or are so restricted that you could not do one. There is no way in which benefits eligibility impacts the count of anything other than those receiving benefits. This number actually is reported, but gets hardly any notice precisely because it s disconnected from the labor market and unemployment as a whole.
hobbit709
(41,694 posts)Or like here in TX where if you get dumped from a 30hr/wk job you get nothing, thanks to pRick Perry.
whatthehey
(3,660 posts)ProSense
(116,464 posts)"And if you used up your benefits and don't bother filing anymore you're NOT counted as unemployed even if you're not working."
...are worried about Americans who have been out of work for more than two years and still have no jobs, no unemployment benefits...nothing?
I saw the post about the VA rep stating that he can't live off $174,000 per year. From personal knowledge of people living in the DC area, I know damn well he's full of shit. Given the number of days Congress works each year, if he wants more income, get a second job. He'll have better luck than the people who have been searching for years and are still unemployed.