Just in time for Obama: Jobless claims drop to early-2008-levels

[Tender Branson]

Jobless claims at 3.5 year low

(Reuters) - The number of Americans filing new claims for jobless benefits dropped to a 3-1/2 year low last week and factory activity in New York state scaled a seven-month high in December, more evidence of a pick-up in economic activity.

Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 366,000, the Labor Department said on Thursday. That was the lowest level since May 2008, and confounded economist' expectations for a rise to 390,000.

In a separate report, the New York Federal Reserve said its "Empire State" general business conditions index rose to 9.53 - the highest since May - from 0.61 in December.

The index was boosted by a strong rebound in new orders and an improvement in hiring.

"It all speaks to further stabilization and a very positive trend in the U.S. economy. Stability in the U.S. economy is going to be a vital part of stabilizing global GDP. This comes in a very good time," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.

The unexpected drop in claims last week pushed them closer to the 350,000 mark that analysts say signals labor market strength.

http://www.reuters.com/article/2011/12/15/us-economy-idUSTRE7BE12S20111215

[Tender Branson]

[Tender Branson]

Well, there's been steady progress and until 2017 there's a lot of time left.

I could already see unemployment below 8.5% this month. Even 8% is possible.

But let's wait if this continues ...

[Tender Branson]

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