Jobless claims fall to lowest level since early 2006

[Tender Branson]

WASHINGTON (Reuters) - 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 data provided further confirmation that the labor market is tightening. Employment has grown by more than 200,000 jobs in each of the last five months, a stretch not seen since the late 1990s.

...

The four-week average of claims, considered a better gauge of labor market trends as it irons out week-to-week volatility, fell 7,250 to 302,000, the lowest level since May 2007.

The claims report showed the number of people still receiving benefits after an initial week of aid fell 8,000 to 2.50 million in the week ended July 12, the lowest level since June 2007.

The so-called continuing claims data covered the household survey week from which the unemployment rate is calculated.

Continuing claims fell 68,000 between the June and July survey periods, suggesting the unemployment rate could decline from near a six-year low of 6.1 percent.

http://news.msn.com/us/jobless-claims-fall-to-lowest-level-since-early-2006-1

[Tender Branson]

Here's the long-term chart:



If it drops another 20.000 or so, it's back to 2000-levels - just with the difference that the UE-rate then was 2% lower than now.

[Panda Express]

Obama, what a baller.

[Person Man]

$32,000 a year is kinda low. Then again if you are just a single guy with no obligations,  I can see someone like that driving like a 2004 Nissan, doing an SRO situation, but a nice TV and going on a road trip or camping in Europe every couple of years. Its a pretty middle of the road salary if you include people who work part time.

[TrueMan]

Hope, it's true. Hope, our country will finally recover. We have to save America, and bring it out of crisis.

[Person Man]

$32,000 a year is kinda low. Then again if you are just a single guy with no obligations,  I can see someone like that driving like a 2004 Nissan, doing an SRO situation, but a nice TV and going on a road trip or camping in Europe every couple of years. Its a pretty middle of the road salary if you include people who work part time.

Yeah, that's why I said "I wish they could all pay $32,000 OR MORE...with some benefits". It's a minimum wish, rather than our current bounty of $7.25/hour for 30 hours a week (~$10,000/year).

At least if you are making $15 an hour, you will still struggle but won't need welfare.  I would say a "Middle Class Salary" (where you still don't quite have enough money but you are not struggling) would be 200% of poverty for a Family of 4, or about $47,000 and about $60,000 to $125,000 for a family. Maybe as high as $200,000 if you live in an exclusive area (you know, where middle class people pass as rich in the 'burbs) or have a sh**t load of kids.