"U.S. Jobless Claims Decline to 407,000, Lowest Since July 2008"

[Clio the Leo]

Wow!

U.S. Jobless Claims Decline to 407,000, Lowest Since July 2008
By Shobhana Chandra - Nov 24, 2010 8:43 AM

Applications for unemployment benefits in the U.S. fell more than forecast last week to the lowest level since July 2008, reinforcing evidence the labor market is healing.

Jobless claims declined by 34,000 to 407,000 in the week ended Nov. 20, Labor Department figures showed today in Washington. The median projection of economists surveyed by Bloomberg News called for a drop to 435,000. The total number of people receiving unemployment insurance decreased to the lowest in two years, and those on extended payments also fell.

Fewer firings lay the groundwork for a pickup in job creation that will generate incomes and spur consumer spending, which accounts for 70 percent of the economy. Even with companies firing fewer workers, unemployment will be slow to decline, according to the Federal Reserve’s latest forecast in which policy makers also lowered their growth projections.

“We are seeing signs of life in the labor market,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report. “This bodes well for the holiday shopping season. More consumers have more paychecks this year as the economy has made the turn from jobs destruction to jobs creation.”

Consumer spending rose in October for a fifth month as a rebound in incomes lifted the biggest part of the U.S. economy at the start of the final quarter of 2010, Commerce Department figures showed today.

http://www.bloomberg.com/news/2010-11-24/u-s-jobless-claims-decline-to-407-000-lowest-since-july-2008.html

[jaxx]

1. This is really good news.

:-) We'll make it, slow but sure.

[FBaggins]

5. No... it's just regular good news.

400k is still a really bad number (objectively speaking).

But any improvement is a good thing.

[Clio the Leo]

9. It's the least-bad we've seen in two years. :-) nt

[FBaggins]

14. Yep.

And "least bad" isn't really good news.

But the trend hints that really good news is coming.

[DrToast]

13. It's the trend that's really good news

Not the level.

[bigdarryl]

2. The republicans heads are going to EXPLODE on this news because they like negative shit on Obama

[Atman]

6. No, they'll take credit for it.

They'll say businesses started hiring in October in anticipation of GOP taking control of the house.

[DrToast]

3. As Joe Biden would say: This is a big f'ing deal

This looks like the start of the final piece of the recovery. There are clear signs the labor market is improving. It's a damn shame this couldn't happen during the summer.

[Phx_Dem]

4. Oh no! That's bad.

I don't know why, but I'm sure the whiners will tell us.

[dennis4868]

7. Okay all you DUers who bash Obama 24/7....

waiting for you to put a negative spin on this....may want to first go to FOX News to get your talking points....

[Skittles]

26. things were really fucked in 2008?

and they're still fucked now?

[impik]

8. Terrible, terrible news!

:)

[Clio the Leo]

10. And with the holiday & bad weather, I think we may see it go into the 300,000s next week..

.... and THEN WE DANCE!!!! :bounce:

[WI_DEM]

11. If the labor market shows steady improvment in next two years, Obama is shoe-in for '12

[DrToast]

16. I think this is why no Republicans have announced for '12 yet

They know it's going to be really hard to beat Obama in 2012 and they're trying to figure out if they'd be better off waiting for 2016.

[RBInMaine]

19. If we are at 8.5% unemployment or better by Sept. 2012, Obama wins hands down.

[Enrique]

12. "Corporate profits hit record levels"

and ONLY 400,000 workers are thrown out onto the street last week! :party:

http://thehill.com/blogs/on-the-money/801-economy/130591-corporate-profits-hit-record-levels

[RBInMaine]

18. Yes there is much more that needs to be done, but can't you take a med and be a little positive?

[DemocratSinceBirth]

25. Maybe He's Jobless Like A Lot Of Us And Our Loved Ones And Could Use A Job And Not A Med

~

[RBInMaine]

27. And it's a global recession that Obama didn't cause. This is good news, so yes, take a MED and be

positive. And if the person is unemployed, it is Obama and Dems who have fought for the unemployment insurance extensions. He's a president, not superman.

[golfguru]

24. S&P500 went from 666 to 1150 from March 2009 to now

That is the biggest advance in 18 months I have ever seen.
And I have been observing for 4 decades.

[phleshdef]

15. Isn't the magic normal number somewhere below 400,000?

We are getting closer.

[Clio the Leo]

17. I believe it has to stay below 450K to keep up with population growth. nt

[Peacetrain]

22. 450,000 is it... when you start going below 450,000 that is all new jobs

[RBInMaine]

20. Obama's Kokomo speech was excellent. He needs to do 100 more, and all D's have a GREAT chance here

to really lambaste the PUKES if they unite in a pro-worker, pro-middle class, pro-manufacturing, pro-Main Street message and BRUTALLY attack the PUKES as the "party of backwards" and "Wall Street." Dems could conceivably take back the House and re-gain in the Senate in 2012. It is ALL about the MESSAGING.

[Peacetrain]

21. Good grief.. I have been so busy today I missed this.. K&R

That is great news!!!

[golfguru]

23. Unemplyment rate is stuck at 9.6% November 2010

http://www.bls.gov/news.release/empsit.nr0.htm

There are more people entering the job market than new jobs.

[RBInMaine]

28. And is was aMASSIVE near-depression that will take YEARS to climb out of. But things ARE looking up.

[TheKentuckian]

29. We must create a net of 150,000 to keep up with population

A dip is great but we are certainly constantly losing ground.

Now the hole is so massive that even years at our greatest historic pace that it would take many years to get the rate down to something we'd be able to suck up like 5% or so.

The rate is only going down by not counting people and cutting them off from benefits.