The general trend on initial unemployment claims over the last few months has been largely encouraging, though there have been setbacks, and most analysts expected this morning's report to show an uptick in filings.
The good news is, that didn't happen. The better news is, initial jobless claims have reached one of the lowest levels we've seen in four years.
U.S. jobless claims fell by 15,000 to a seasonally adjusted 358,000 in the week ended Feb. 4, the Labor Department said Thursday. Economists surveyed by MarketWatch had estimated claims would rise to 370,000. Claims from two weeks ago were revised up by 6,000 to 373,000. The four-week average of claims, meanwhile, dropped by 11,000 to 366,250, the lowest level since April 2008.
In terms of metrics, keep in mind, when these jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape. When the number drops below 370,000, it suggests jobs are actually being created rather quickly.
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.
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http://finance.yahoo.com/news/holdout-states-lured-back-mortgage-002546032.html
Another bailout taking the money from the responsible to the irresponsible. Check out the comments. The silent majority is fed up.
The Yahoo story - and the raft of commentators at the article - missed a major point: The revised agreement signed on to by the Attorneys General of New York and California (which made the deal possible) left the banks still open to investigation and criminal or civil charges. The $25-billion deal is simply a down payment on what is likely to come.
Another bailout taking the money from the responsible to the irresponsible.
So soon some wingnuts forget about the lives and fortunes devastated by big banks and the mortgage industry. But as long as some rich person is getting richer, they're happy.
Riiiiiiiight.... because we wouldn't want to think that a decrease in unemployment is a good thing.
red herrings are fun aren't they contessa?
When you can't win by facts and logic.....just divert to something else and complain about that!
No doubt Fox and Rush and other mulyuks on the right will spend today insisting this is just another example of those pesky, irresponsible career statisticians at the BLS cooking the numbers to help Pres. Obama. I wonder if Karl Rove will be "offended" by the report?
Seriously, what we're seeing is more than a trend and reflects an actual recovery - albeit a slow one - taking hold in the land. While this is good news for Democrats, it is spectaculaly great news for millions of people tossed in the streets thanks to the theft of our wealth by Wall St. There is a sliver of hope for people who had given up all hope.
I go to the Gym @ 6:30 so I can watch all three networks and non news sources Faux and Faux lite CNN on the bank of TEEVEES I am spotting some trends with everyone slipping in a story (with special thanks to ABC and Dianne Sawyer) of how people are getting hired an the economy is improving. It becomes a self fulfilling prophecy to some extent with Mr. and Mrs America reassured that things are getting better.
You know now that they will try to block the payroll tax cut in order to try and derail progress.
All hail "the Chief"! Now let US sit back and watch the reich foaming at the mouth as they "spin this one", I've got popcorn....
I have the butter and salt. Whose bringing beer?
Very Good News! I love the analytics! —great research, as usual ;) ♥
Despite the best attempts by House Republicans and the most intransigent do-nothing Congress in modern American history, our economy is soaring once again and well on its way to making up for the Bush recession that very nearly destroyed this country. Republicans are flummoxed because they bet on a bad economy, and they have tried everything in their power to make it happen. The GOP is against America and against Americans. No wonder the polls are nothing but bad news for Romney and the GOP gang. http://www.sunstateactivist.org
I can't wait to hear the Romney/Republicans claim Obama made the economy worse and how he doesn't get credit for when the jobless claims get better. The logic will look like a pretzel. But it will be fun to watch them twist themselves.
Like how CPAC needs conspiracy theorists, graphs need axis labels.
Excellent chart! It certainly shows that the Stimulus has worked.
The stimulus has worked bc their are no other variables in the economy and there are no business cycles. ahahahahah