Jobless claims show sharp improvement, drop to Obama-era low

[babylonsister]

Posted with permission, and happiness!

http://maddowblog.msnbc.com/_news/2012/10/11/14365761-jobless-claims-show-sharp-improvement-drop-to-obama-era-low?lite

Jobless claims show sharp improvement, drop to Obama-era low
By Steve Benen
-
Thu Oct 11, 2012 8:40 AM EDT


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.

That said, to reiterate the point I make every Thursday morning, it's worth remembering that week-to-week results can vary widely, and it's best not to read too much significance into any one report. (This is especially true this week, since the number will need to be revised next week.)

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.)

[treestar]

1. So the economy is recovering

even better, in spite of the Republicans' efforts otherwise.

[fugop]

3. If a tree falls in the woods ...

In other words, will this get reported? Or is the media still pushing the idea that one debate should decide the whole election?

[S_E_Fudd]

2. Gallup is shoing a big drop in unemployment as well...much to Jack Welch's consternation

http://www.salon.com/2012/10/10/jack_welchs_gallup_problem/

[thevoiceofreason]

4. Hey everyone, this is a BFD!

That's why the Repbulican talking heads who pose as economic guys on CNBC and Bllomberg were immediately saing "It can' be" and "Something's wrong" and my favorite "At this pace, Obama will manipulate the numbers to the point that jobless claims are only 132,000 by November 6."

What a bunch of jerks they are hoping the economy fails. I wish we'd raise the tax rateon idiot financial teevee blatherers to 99%.

[alcibiades_mystery]

5. If the GOP House cared about the US, and had gotten off its ass and passed the Jobs Bill

We'd be under 7% unemployment right now. Of course, that would absolutely guarantee an Obama victory, so they refused to do it. They let hundreds of thousands of families dangle on the edge of the abyss for cheap political gain. Hopefully, they are made to pay for their outrageous behavior.

[DCBob]

6. +1

so true and so sad. Republicans should be ashamed.