Jobless Claims Lowest Since Pre-Recession
Unemployment claims have dropped to the lowest level since April 2008, long before anyone realized the nation was in a recession.
Claims fell by 4,000 last week to 364,000, the Labor Department said Thursday. It was the third straight weekly drop. The four-week average of claims, a less volatile gauge, fell for the 11th time in 13 weeks and stands at the lowest since June 2008.
While the economy remains vulnerable to threats, particularly a recession in Europe, the steady improvement in the job market is unquestionable.
"The underlying trend is undeniably positive," said Jennifer Lee, senior economist with BMO Capital Markets. "I think everyone is starting to come around to the view that, yes, there is a recovery going on."
Unemployment claims are a sort of week-to-week EKG for the job market. Except for a spike this spring, after the earthquake and tsunami in Japan hurt U.S. manufacturing, they have fallen steadily for a year and a half.
Claims peaked at 659,000 in March 2009. In the four years before the Great Recession, they mostly stayed between 300,000 and 350,000. That claims are edging closer to that range is a sign that the layoffs of the past three years have all but stopped.
http://latino.foxnews.com/latino/news/2011/12/22/claims-lowest-since-08-as-job-market-improves
These are not the lowest since "pre-recession". Before December 2007, they were in the low 300,000's.
