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New jobless claims lowest level in 4-1/2 years
Posted: Oct 11, 2012
I missed this earlier today. This supports the 7.8% unemployment number that came out last week. Good news for all working Americans.
WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits slid last week to the lowest level in more than four and a half years,
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Will be determined to be another scam!. Didnt you hear? - They forgot the state of California ! nm
[ In Reply To ..]nm
Not true. Weekly data submitted are often somewhat incomplete, - but monthly data confirm the GOOD news. NM
[ In Reply To ..]x
New jobless claims - not so fast
[ In Reply To ..]There may be fewer people filing new claims for unemployment, but what about all the people who are still unemployed and have exhausted their unemployment benefits? There are PLENTY of them. I know because I live with one.
We're not exactly rolling in job opportunities.
Good news, indeed. Means layoffs have been dropping over - time, with this the lowest yet. SM
[ In Reply To ..]From the L.A. Times Business Section. These figures are compiled weekly and are subject to some volatility as it is normal for data to not be reported completely from all areas in time for the report. Note that a second study designed to smooth this out also confirms a continued decrease in layoffs.
"Jobless claims reflect layoffs, which have receded in recent months even as there's been little evidence of any big movement in hiring. The last time weekly claims were as low as 339,000 was in February 2008 as the economy was beginning what would be a rapid descent. Initial jobless claims rose to a high of 586,000 near the end of 2008, peaking at 667,000 in March 2009.
Over the last year, initial weekly claims generally have been hovering in the high-300,000 territory.
To smooth out the week-to-week volatility, many analysts look at a four-week moving average of new jobless claims. That figure fell by 11,500 to 364,000 for the period ending Oct. 6 -- the lowest reading for the measure since May 2008.
"Today's 339,000 likely exaggerates the improvement, but its story and the direction of the labor market is real," said Chris Rupkey, chief financial economist at the Bank of Tokyo-Mitsubishi in New York."
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