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Subscribe to RSSNew applications for unemployment benefits dropped to the lowest level since March 2008 in another sign that the labor market was on the mend.
The Labor Department reported Thursday that seasonally-adjusted new claims fell to 348,000, down 13,000 and below the key 350,000 target that economists believe is crucial for job growth. The 4-week moving average, considered a more accurate gauge of the labor market, was 365,250, a decrease of 1,750.
Economists polled by Reuters had forecast claims rising to 365,000. The four-week moving average for new claims, seen as a better measure of labor market trends, fell 1,750 to 365,250 - the lowest since April 2008.
New jobless claims have declined for three straight weeks.
Job gains have exceeded 200,000 for two straight months and the unemployment rate dropped to a three-year low of 8.3 percent in January.
"For the series to produce a third straight decline is unusual and suggests the improvement in the labor market is maintaining and even extending momentum as we enter February, for which next week will see the non-farm payroll surveyed. Giving further support to the positive message is a 100k decline in continuing claims in the week to February 4, to 3.426 mln, this the lowest level since August 23, 2008," said economist David Sloan of IFR Economics.
But considerable slack still remains, with 23.8 million Americans either out of work or underemployed. There are no job openings for nearly three out of every four unemployed.
A Labor Department official said there was nothing unusual in the state-level data and no state had been estimated.
The number of people still receiving benefits under regular state programs after an initial week of aid tumbled 100,000 to 3.43 million in the week ended February 4. That was the lowest level since August 2008.
Economists had forecast so-called continuing claims falling to 3.50 million from a previously reported 3.52 million.
The number of Americans on emergency unemployment benefits rose 16,568 to 3.00 million in the week ended January 28, the latest week for which data is available.
Reuters contributed to this report.
To: GOP
HAHA :)
From: DEMOCRAT
But considerable slack still remains, with 23.8 million Americans either out of work or underemployed. There are no job openings for nearly three out of every four unemployed. These people aren't laughing.
Dan -- you're right, those who still need a job aren't laughing. However, After the way the "loyal" opposition has attacked, mocked, demeaned and obstructed Mr. Obama, I think domewars can be forgiven a little enjoyment.
As for the unemployed, my understanding is that nothing succeeds like success. That is, now that the new fiings are below 350K, the recovery should pick up speed. Here's how it goes -- those with new jobs ramp up demand; higher demand creates more jobs to produce goods to fill that demand, which ramps up hiring, which ramps up demand even more, etc, etc. Of course, if the "loyal" opposition would cooperate to stimulate the economy even more, the job openings would pick up faster.
More bad news for those rooting against America
Great work, President Obama! Progress has been slow but your program to stimulate the economy is now bearing fruit. We were in such a deep hole that it took a lot of digging to begin the climb out, and now we are on our way.
Where is that guy that kept claiming this seasonally adjusted data was skewed by part time holiday workers.?
Then he said wait until January.
Then he said wait until February.
I guess he finally figured it out and went back to his teabags.
So tell me. unemployment numbers have dropped than why did congress extend unemployment benefits again ???? More smoke and mirror crap. I know it is an election year. Maybe both parties should just try telling the truth for once. They must feel we the people can't Handel the truth. Besides the truth makes all of them look really bad.
Because, Bob, there are still millions of unemployed who need assistance from the insurance program they paid into while they were employed. This thing isn't going to turn around overnight. It needs continued attention until we are all the way out of the hole.
Employers pay into unemployment....not employees.
Correct Julie. Employers not employees fund unemployment compensation.
bob--- aka dumb ass. The numbers went down, they didn't go AWAY. Those unemployeed people your beloved GOP leaders have called lazy and a burden on society stil need to put FOOD on their table and keep a ROOF over their heads. Grow a brain.
Please, no more good economic news this year... I'm a republican.
Makes you wonder how much further ahead we'd be if Republicans had helped instead of hindered the recovery.
Here's the thing with the brainwashed, right wing, pathological lying corporate prostitutes... Jesus Christ could pay a visit and declare progress is being made due to the number of tactics and strategies driven by the Dems and they still wouldn't believe. Hate has blinded these people and rendered reason impotent.
Then again, we know the right can't take any responsibility for any improvements because they've done nothing to promte the betterment of country or its citizens outside of the rich and "people-companies".
2012 is looking very lovely for President Obama!! He's got my vote!!
2012 is looking very lovely for President Obama!! He's got my vote!!