After several weeks in which initial unemployment claims bounced from one extreme to the other, the new report from the Department of Labor was at least less volatile.
And while it's never good to see the totals inch higher, this week's figures were a letter better than expected, and remain under an important plateau.
The number of people who filed applications for unemployment benefits rose by 8,000 last week to a seasonally adjusted 365,000, the Commerce Department said Thursday. Economists surveyed by MarketWatch had projected claims would rise to 370,000 from last week's upwardly revised level of 357,000. A more stable barometer of labor-market trends, the four-week claims average, dropped 2,750 to 365,500, the lowest level since late March. The four-week average reduces seasonal volatility in the weekly data.
To reiterate the point I make every Thursday morning, it's worth remembering 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 four times in the last 17 weeks, though the four-week average offers at least some encouragement.
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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By now everyone knows that wages have been flat for decades.
Unions are shadows of their former self. Retirement "plans" (401(k), IRA, your house, for Pete's sake!) have also dwindled to near nothing.
Meanwhile the rich get richer, because of the tax code. (Poster child is Romney, Willard Mitt)
And things will stay the same, until that tax code is completely overhauled, making America once again governed "of, by, and for ALL of the people."
This weeks numbers are reasonably good considering the wild ride of the last few weeks. I imagine the "smart" people are going to say things are worse, but they aren't.
I'd like to believe that as long as people are seeing an inching upward along with GOTP obstructionism people are starting to awaken. From where we were under the spendthrift trickle-down policies of the GOTP, to where we are now may not be wonderful, but it's also nothing to sneeze at!
The fact that the GOTP fail blindingly to look at the truth that their reckless short-sighted policies were part of the reason for the "avarice gone wild" attitude that almost took US over the edge, is more than proof that they should be voted out of office come November!!