Skip to comments.US jobless claims tumble to lowest level in nearly a decade (284,000)
Posted on 07/24/2014 6:47:03 AM PDT by SeekAndFind
The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8-1/2 years last week, suggesting the labor market recovery was gaining traction.
Initial claims for state unemployment benefits declined 19,000 to a seasonally adjusted 284,000 for the week ended July 19, the Labor Department said on Thursday.
That was the lowest level since February 2006, and confounded economists' expectations for a rise to 308,000.
The prior week's claims were revised to show 1,000 more applications received than previously reported.
(Excerpt) Read more at cnbc.com ...
Well then how come no one I know is working and is flat broke?
So in a slow economy, with fewer jobs, and more people opting out of the labor market . . .
Doesn’t it stand to reason that “jobless claims” would fall?
Fewer people working - fewer jobs to lose
RE: Well then how come no one I know is working and is flat broke?
What part of this great country do you live in?
Over a quarter of a million people NEWLY filed for unemployment [EACH WEEK!] and they call this ‘good news’.........................
The job numbers are so manipulated as to have no meaning.
‘Oceania has always been at war with East Asia.’
That's one interpretation, and given how the gov't always "adjusts" the figures upward about a week later, my guess is that this is totally bogus. It could also mean that: 1) the Discouraged Worker Hypothesis dominated the period and people just gave up looking for work, which would exclude them from jobless claims, or 2) their unemployment benefits ran out and they can't renew them until certain conditions are met (which can vary by state). Either way, Obozo will take credit for this when he deserves none, given that his policies are 180 degrees out of phase with what needs to be done. Still, you can count on a White House spin on the news. The media, of course, which has the economic IQ of a gnat, will lap is all up like a good lap dogs do.
I take back all the nasty things I’ve said about ‘Bummer in Chief.
Translation: People have run out of unemployment benefits or given up
You can’t believe one thing with this administration; not one.
Under 300k is normal churn, right?
Always these things are explainable.
To-date the wash has been between the employment rate, and the unemployment rate.
Unemployment was going down, but so was employment. People were moved out of the system entirely, to influence the unemployment rate which is reported. That has been happening now for several years.
I don’t see the employment rate as having received another cut this week.
Maybe they’ve just got a one- or two-week wash between the two metrics?
Anyone else have input on this?
I’m not sure the unemployment rate actually went down yet, but I’m not seeing where the change is.
Magic and voodoo. All it is, people exhausting their benefits.
Look at the U6 unemployment numbers. That’s a better reflection of the labor market and economy in general. Not the BS numbers the gov puts out.
Mid terms coming up.
“The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8-1/2 years last week, suggesting the labor market recovery was gaining traction.”
Well then all of those people on welfare will be working any day now...
How long will it take for everybody to be unemployed at 284k/month?
One happy nation on welfare.
Putin will share his wealth.
White flags on Brooklyn Bridge already signal that.
Looking at historical charts and if this number has any basis in reality, it is about as good as it gets since 90. Course, who can believe anything the gov says right now.
Under Bush, anything over 200K was "horrific, and the worst expected".
Then, under BO, that number went to 250, then 300, then 350, then 375. Looks like it might be back to 300, now.
Like a previous poster said...."We have always been at war with Oceania".
Actually if you look at the chart I just posted, when you get to below 300K it might been seen as a “peak” for a good labor market and is normally followed by a recession.
Let’s look at the number of jobs in the economy, their rate of pay, the percentage of Americans employed and compare that with where we were before Democrats took over in 2007. It’s not the same nation and the “New Unemployment Claims Number” is meaningless.
The greatest Nation on Earth and Obama has kept his campaign promise to change that.
I posted a “Claims to employees” chart before and posted it on FR. You can go to FRED and create it yourself but you won’t like the results as total number employed is at a record high...
Im interested in seeing what the GDP will be in the second quarter since the first quarter was DOWN 2.9 PERCENT. And that is not including the 3 PERCENT RECALCULATED INCREASE....which means it was almost down 6 percent!
And since 2 consecutive quarters is considered a recession....what will this next GDP look like?
Yes, if you had the same total employment numbers that we had before this bunch of bozos took over...................
“Well then how come no one I know is working and is flat broke?”
Hi — that’s me too.
No unemployment every collected and no disability, no food stamps. Just plain struggling. Only 59, ss won’t be there in 4 years will be my dumb luck fulfilled.
What’s sinking us now is the out of control property taxes. Mortgage paid off, but over $3k per year to the county that gets us nothing.
If everyone remembers, back in the Bush days of 5.5% Unemployment the Mantra was McJobs.
Nowadays, Part Time Employment has replaced Full Time Employment, yet we are loathe to hear a distinction between the two when the Numbers are reported.
Ignorance is bliss.
From this chart we can see that Obama in the WH was much worse that those airplanes hitting the towers!
I don’t disagree. The “Great Recession” was far far worse than the post-9/11 recession. The recovery has also been the slowest in American history. All thanks to the most anti-business administration in American history.
Consider the source......................
Pretty amazing the press talking points. There is a reason why Rush called them the “State Run Media.”
I cannot help you then...
Everyones finally either on welfare or disability.
Or has a government job.
Exactly right. Its all window dressing.
My Wife has been out of work for over two years.
She is in her late 50’s and she has gone on a myriad of Job Interviews. Her last three Jobs have been long term Positions, the least of which was eight years.
She thinks it’s her Age and I’m beginning to think she is right. It certainly isn’t that she is expecting a Higher Wage since she has even Interviewed for Entry Level Positions in and out of her field of expertise.
My Father always said that there will always be a Job out there, although it may not be the Job you really want or the Pay you think you deserve.
I’m beginning to wonder if what he said is still true.
If one accepts one sources single set of lies, one must accept all that source’s lies, or none at all..................
As I said, I cannot help you. Believe the numbers and what is going on in the economy or don’t. I truly don’t care. But I cannot have a discussion with someone who brings no data/analysis/information to the table. It’s a waste of my time.
I believe nothing that comes out of this administration, nothing at all. It’s ideology has infected every level of bureaucracy and its management. Every statistic, every statement, every press release is suspect. The media is complicit and questions nothing that they are fed, like babies with a rubber spoon. I don’t want to waste your time, either, or mine. ...............8^)
“I dont want to waste your time, either, or mine. ...............8^)”
Glad we are on the same page :-)
“I cannot have a discussion with someone who brings no data/analysis/information to the table”
Neither can we when all you have are the politically biased BLS data that is highly inaccurate.
Just so everyone knows, these weekly unemployment application numbers have been “adjusted” upwards every single week Obama has been in office. If you add up all those adjustments it comes out to about 2 million additional unemployed. In other words, the BLS continues to report them low then revise them later when no one is looking. WT thinks the BLS provides “factual” numbers even though such manipulations are rampant in the BLS reporting.
RE: My Wife has been out of work for over two years.
Sorry to hear of your wife’s plight.
But other than in Silicon Valley, the state of California has been a nightmare for job seekers.
You can bet that this administration will cook the books until after the Nov elections, then we will see the "adjustments" magically appear.
I’d say it looks like the jobs recovery is FINALLY on the way, several years delayed, thanks to O.
You can’t depress America forever Obama’s policy notwithstanding.
BTW, the job growth is not at its best potential. It could have been faster.
What, Bush had LOWER US jobless numbers? No, THAT can't be true!!!!
What are your thoughts on this data, released today as well?
WASHINGTON (AP) Sales of new U.S. homes plunged in June, a sign that real estate continues to be a weak spot in the economy.
New home sales fell 8.1 percent last month to a seasonally adjusted annual rate of 406,000, the Commerce Department said Thursday. The report also revised down the May sales rate to 442,000 from 504,000.
“Translation: People have run out of unemployment benefits or given up”
Initital claims has nothing to do with running out of benefits or giving up. It is exactly what it says, people applying for unenployment for the first time after the job has ended. You clearly need to stop pontificating on stuff you know nothing about.