Jobless Claims (4-Week Avg.) Fall to 80-Week Low
The Department of Labor reported today that jobless claims (4-week average) fell to 447,250 last week, the lowest level since mid-September 2008, meaning that jobless claims fell to an 80-week low (see chart above). From the peak in April 2009, jobless claims have fallen by 195,750 over the last year. Jobless claims (4-week average) have fallen for each of the last three weeks, and have declined in six out of the last eight weeks. The worst of the labor market problems are definitely behind us, as jobless claims have trended down for the last year. Compared to the 643,000 claims a year ago in early April, we've made a lot of progress, and the trend should continue.