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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJobless claims show sharp improvement, drop to Obama-era low
By Steve Benen
We've seen a general swing in the right direction on initial unemployment claims over the last several weeks, but I don't think anyone expected the new report from the Department of Labor to be this good.
First-time claims for state unemployment benefits fell sharply in the latest week to their lowest level since mid-February, the Labor Department reported Thursday. The number of initial claims in the week ending Oct. 6 fell 30,000 to 339,000. The decline was unexpected. The consensus forecast of Wall Street economists was for claims to rise 1,000 to 368,000.
To put this in perspective, today's report is so good, jobless claims have now reached their best point of the Obama presidency, and haven't been this good since February 2008 -- nearly five years ago.
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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 nine of the last 14 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. (Note: the new monthly jobs report will be released tomorrow morning.)
http://maddowblog.msnbc.com/_news/2012/10/11/14365761-jobless-claims-show-sharp-improvement-drop-to-obama-era-low
oswaldactedalone
(3,491 posts)to double down and cook the books again.
OldDem2012
(3,526 posts)Democratopia
(552 posts)Arkana
(24,347 posts)as every right-wing head explodes in indignation.
"FUDGING NUMBERS! COOKING BOOKS!"
madokie
(51,076 posts)it has nothing to do, in fact it is in spite of, President Obama. We have to do something about our press and we have to do something about how we count our votes or we won't have a democracy much longer. Simple as that. Not sure we're just not going through the motions of a democracy now as it is
reformist2
(9,841 posts)Doctor_J
(36,392 posts)will kill himself by jumping off of his money. Hopefully when he does it will start a trend among the billionaires
Arkana
(24,347 posts)Losing in the polls so they fudge the numbers.
spanone
(135,855 posts)bigtree
(86,004 posts)Grateful for Hope
(39,320 posts)Music to my ears!
Enrique
(27,461 posts)how about: because Romney won at the debate, the job creators think Romney is going to win and so this lifted their mood so they started hiring again.
Grateful for Hope
(39,320 posts)But, the hiring has been trending upward for a while now.
Democratopia
(552 posts)Consumer optimism/direction of the country, unemployment rate, weekly claims figures have all taken everyone by surprise. This is a big shift in confidence and it seems to be accelerating rapidly.
ProSense
(116,464 posts)Welcome.
BumRushDaShow
(129,228 posts)After being out of work for 6 months, one of my sisters just got a job at her old salary last week and my other sister just called about an hour ago to say her hubby just got a job offer (and has 2 more interviews) today after being out of work for over a year.
Hopefully this signals a trickle that will lead to a tidal wave!!!
ProSense
(116,464 posts)That's great news.