US jobless claims tumble to lowest level in nearly a decade (284,000)

CNBC ^ | 07/24/2014

[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.

[Red Badger]

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^)

[Wyatt's Torch]

“I don’t want to waste your time, either, or mine. ...............8^)”

Glad we are on the same page :-)

[CodeToad]

“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.

[SeekAndFind]

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.

[econjack]

...what will this next GDP look like?

You can bet that this administration will cook the books until after the Nov elections, then we will see the "adjustments" magically appear.

[Paradox]

I’d say it looks like the jobs recovery is FINALLY on the way, several years delayed, thanks to O.

[SeekAndFind]

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.

[Chgogal]

That was the lowest level since February 2006, and confounded economists’ expectations for a rise to 308,000.

What, Bush had LOWER US jobless numbers? No, THAT can't be true!!!!

[John W]

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.

[Steven Scharf]

“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.

[Wyatt's Torch]

these weekly unemployment application numbers have been “adjusted” upwards every single week Obama has been in office.

That’s complete BS. But facts are meaningless to you anyway. remember, ignorance is bliss. Right?

[Wyatt's Torch]

Part of my business is housing related so I watch these numbers closely. The housing market has been in a lull for going on the last year. SF starts are in or around 600K SAAR and just haven’t moved. Any improvement in total starts has been driven by MF. Hopefully the recent improvement in the job market (NFP has averaged +270K the last 3 readings while the prior 12 were +190k) will drive household formation. So far that hasn’t caught up. I think we are a year away from a breakout.

[Mastador1]

All this really proves is that the majority of unemployed have fallen off the rolls due to timing out and there just aren’t that many people to fire, oh until the Microsoft terminations kick in.

[Mastador1]

Well then how come no one I know is working and is flat broke?

I'm happy for you and your friends, sadly I know too many that are jobless andflat broke or are struggling just to make the basics.

[Kackikat]

BECAUSE once a person is no longer actively looking for a job and their unemployment has run out...they drop off the statistics of people unemployed. That is something that tells you how skewed the numbers really are, there are millions in that situation.

Also, when a person loses a full time job with benefits and collects unemployment, if they take a part time job they are considered employed, and no longer a statistic, again millions in that situation.

So anything our Government says about things are better or we are in good shape is a lie at best.

[Wyatt's Torch]

The long term unemployed would not be included in this data. This is initial claims. Here's the trend for continued claims:

[Mastador1]

I believe I misread your comment, please excuse my post.

[Wyatt's Torch]

Here's the data for part-time employment:

And here is the data for full-time employment:

[Kackikat]

http://www.usnews.com/opinion/articles/2014/07/23/the-real-unemployment-rate-and-the-dearth-of-full-time-jobs?page=2

[Wyatt's Torch]

Mort is okay but he’s not an economist. Saying the June jobs report was not a good one is just silly. Tilting at windmills...