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U.S. Jobless Claims Drop to Lowest Level Since 2008

unem2.jpgFewer Americans than anticipated filed claims for unemployment benefits last week, pointing to an improvement in the labor market that will help sustain economic growth next year.

Initial jobless claims fell by 22,000 to 432,000 in the week ended Dec. 26, the lowest level since July 2008, Labor Department figures showed today in Washington. The number of people collecting unemployment insurance fell in the prior week to 4.98 million, and those receiving extended benefits jumped.

Companies are retaining staff as sales improve and production picks up. Gains in consumer spending, which accounts for 70 percent of the economy, may encourage more hiring in coming months, helping to bolster the rebound from the worst recession since the 1930s.

Treasury securities fell after the report, pushing the yield on the benchmark 10-year note up to 3.89 percent at 10:41 a.m. in New York from 3.79 percent late yesterday. The Standard & Poor’s 500 Index was down 0.3 percent to 1,123.45.



7 Responses

  1. They should be comparing the figures to 2006 and 2007, rather than to 2008. The numbers suggest that the employment situation is still getting worse, albeit at a slower rate. Recovery figures would probably well under 400K per week, leading to falling unemployment and underemployment.

  2. 3, you think we have time to comment on all the lying stats? there are so many reasons to give you that these stats are flawed, it would take too long and you would NEVER understand it anyway. Lets start with the comment by of all people akuperma. We could then talk about this week could traditionally be a slow week for this stat as many companies arent working this week. I know many of my clients are off.

  3. BS”D

    The most important error is that this masks the truth which even the NYT admitted to – that unemployment rates in the US are almost double what is stated because so many have just given up looking. They have left the job pool to become stay at home parents, students, or just plain do nothings, aided in many cases by entitlement programs.

    Obama’s Soviet style manipulation of statistics is alarming but not unexpected.

  4. I agree with mark levin. These statistics reflect only the holiday season that is transient. Let’s see if the decline in jobless claims continues or not.

  5. I havent made up my mind yet whether or not I believe we see the light at the end of the jobless tunnel, which is clearly what this news release was trying to make people think.

    But i can tell you for sure from the people I talk to and the comments here that there is no possible piece of news that some of these knee-jerkers would see that would actually lead them to say that the economy is improving.

    Its admirable to speak out for our beliefs and interests especially when Obama acts or speaks so as to threaten them. But it isnt admirable to be obtuse and reactionary. Lets take a couple of minutes to digest things we hear or see before automatically spinning them in our own heads to show ourselves that we have been right all along.

    L’akol Z’man V’es Tachas Hashamayim

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