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.
5 Comments:
The problem is that there is no real uptick in hiring. Also, recent legislation serves as a disincentive to hire in at least some small businesses. I would expect a minor bump in employment due to the census, followed by stagnation for the remainder of the year, with a possible decline next year as the new taxes and mandates on employers take hold.
I agree with Tom. Unemployment has gone up despite the fact that fewer people applied for unemployment in the most recently tabulated week. (Companies have, for the most part, already laid off as many as they can.)
Hundreds of thousand of people have been dropped from the official unemployment rolls because their benefits have expired and they aren't actively seeking work. My guesstimate is that true unemployment is at least 11.5%.
It's discouraging to see the unemployment rates falling once again. Businesses aren't hiring because everyone is still in fear of being in a recession. This article is relative to Obama's plan for off shore drilling. It would create more jobs and make the economy stronger. The government should also start keeping better tabs on immigrants and people who fail to pay their taxes. If you don't pay taxes, you shouldn't be privelaged to have a job.
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"Unemployment has gone up despite the fact that fewer people applied for unemployment in the most recently tabulated week"...
I do believe Dr. T has a valid point if one believes what Gallup is saying: Underemployment Rises to 20.3% in March
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