For a while, the initial unemployment claims looked a bit like a roller-coaster ride. February and March were very encouraging, while April was a disheartening mess, only to see the data level off in May. Today's report from the Department of Labor reinforces the trend.
Last week's figures were revised up slightly, leaving this week's totals about where they've been.
The number of Americans who filed requests for jobless benefits fell by 2,000 last week to 370,000, the U.S. Labor Department said Thursday. Claims from two weeks ago were revised up to 372,000 from 370,000. Economists surveyed by MarketWatch had projected claims would rise to a seasonally adjusted 373,000 in the week ended May 19. The average of new claims over the past four weeks, meanwhile, dropped by 5,500 to 370,000, the lowest level in six weeks.
It's worth emphasizing that week-to-week results can vary widely, and it's best not to read too much significance into any one report.
In terms of metrics, when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've only managed to dip below the 370,000 threshold once in the last seven weeks.
And with that, here's the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I've added an arrow to show the point at which President Obama's Recovery Act began spending money.
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When does Mittens plan on hiring a lot of people with his tax cuts, thus helping the nation?
One of Romney's main talking points is repealing Dodd-Frank. Does he watch the news or just the polls.Has he seen whats happening on Wall St?The JP Morgan 3billion risky investment losses and now the Facebook debacle pulled off by Morgan Stanley. The man has poor judgement and this should prove it. This will be great campaign fodder for Pres.Obama.
He's commented on that, and informed us that it's not a problem -- whenever someone loses money, someone else make it. So it's all about distribution -- a complete zero-sum game.
Of course, he doesn't want to face up to what that implies: that money steered to JP Morgan (e.g. by tax policy) comes out of the pockets of working Americans. Pity nobody will ever ask him about that one.
Another chart for the Republicans to try to hide from the general public. Every one shows the same annoying trend. President Obama is doing a better job than any flag waving American Republican would. Who cares if he was born in Kenya and is a Muslim? He's getting the job done and he won't be on the world's most wanted list when he's done serving as president like some presidents who were elected by the Supreme Court will be. Oh wait, there's only one of those...