Jobless claims drop to lowest level in 4 years
WASHINGTON - The number of people seeking unemployment benefits fell to the lowest point in almost four years last week, the latest signal that the job market is steadily improving.
The Labor Department says weekly applications for unemployment benefits dropped 13,000 to a seasonally adjusted 348,000. It was the fourth drop in five weeks and the fewest number of claims since March 2008.
The four-week average, which smooths out fluctuations in the weekly data, fell for the fifth straight week to 365,250. The average has fallen nearly 13 percent in the past year.
The consistent decline indicates that companies are laying off fewer workers, and hiring is likely picking up further. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.
Commentary: Don't believe hype about drop in unemployment claims
Job openings up: Here's how to get one yourself
In January, the economy added a net 243,000 jobs, the most in nine months. And the unemployment rate dropped for the fifth straight month, to 8.3 percent. The economy has added an average of 201,000 jobs per month for the past three months.
Faster economic growth is spurring the additional hiring. The economy expanded at an annual rate of 2.8 percent in the final three months of last year - a full percentage point higher than in the previous quarter.
Most economists expect growth to slow in the current quarter, because companies won't need to rebuild their stockpiles of goods as much as they did last winter.
But there are signs that the economy is still expanding at a healthy rate. Factory output got off to a robust start this year, and it ended 2011 with the fastest growth in five years, the Federal Reserve said Wednesday.
Factories are adding jobs to keep up with higher demand. Manufacturers added 50,000 jobs last month, the most in a year.
In addition, retail sales rebounded last month after a sluggish holiday season. The gain suggests that the recent job growth is supporting more consumer spending.
Still, the job market has a long way to go before it fully recovers from the damage of the Great Recession. Nearly 13 million people remain unemployed. And 8.3 percent unemployment is still painfully high.
One reason the unemployment rate has fallen for five straight months is that many people have stopped looking for work. The government counts people as unemployed only if they are actively looking for a job.
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After losing 9 million jobs during the bush/cheney Great Recession of 2007-2009, yes, the past 2 years of continuous job creation is GOOD NEWS for America, and the only ones that still are spewing the typical PESSIMISM and NEGATIVITY are republicans like YOU, unable to swallow any GOOD NEWS as long as Obama is our President!
It made absolutely no difference in any of our economic policies that the Democrats took a slight majority in Congress in 2007, since we had absolutely no changes to our economic policy while bush still held the VETO PEN, so stop with your incessant fox/rush propaganda!
Get over it......and stop parroting the fox/rush propaganda!
And I'm quite sure you were saying exactly the same thing back in 1984, after saint ronnie's "supply side economic insanity" had increased unemployment to over 10% for the entire previous year, and it was finally falling in 1984 to about its current figure -- that this was only done by the administration to re-elect saint ronnie!
Too precious is the hypocrisy of the rabid republicans today!
The number ARE misleading, and it IS Politically motivated, and anyone with any sense of intelligence can see it.
Examples from the story:
"The consistent decline indicates that companies are laying off fewer workers, and hiring is likely picking up further."
See the word "likely"... meaning it's a guess.
"The consistent decline indicates that companies are laying off fewer workers, and hiring is likely picking up further."
"indicates" means educated guess. And there is likely again.
"When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate."
"Usually"= like typical, means educated guess.
"Most economists expect growth to slow in the current quarter, because companies won't need to rebuild their stockpiles of goods as much as they did last winter."
"most"= cover all bases, most means they asked a few and more than 1 said that. Still need to cover backside, in case someone can prove facts to debunk this reporting.
I like how they confused goods with services and cover the Winter needs, as a possible basis for change.
"In addition, retail sales rebounded last month after a sluggish holiday season."
I love this line, especially when you consider the "Holiday Season" ended the end of December and numbers from the season are traditionally calculated into January's numbers.
"One reason the unemployment rate has fallen for five straight months is that many people have stopped looking for work."
Hidden well down at the bottom, the "cover your arse" and truth in reporting. Don't want anyone facing libel charges. Notice, that the language used leaves not room for "other" meanings. And the only real meaning. Hoping nobody would keep their focus long enough to read this far.
"One reason the unemployment rate has fallen for five straight months is that many people have stopped looking for work. The government counts people as unemployed only if they are actively looking for a job."
Once your benefits have run out you aren't counted. Unfortunately, there are many people in that situation. How many? We don't know.
Accept it - Be Happy! Your country is recovering!
OBAMA 2012
"Faster economic growth is spurring the additional hiring. The economy expanded at an annual rate of 2.8 percent in the final three months of last year - a full percentage point higher than in the previous quarter."
Not 'great' growth at 2.8%, but steadily improving with the higher economic growth spurring the additional hiring. Anybody can argue the government statistics/methodology and the actual unemployment rate, but the fact still remains that almost 4 million net jobs have been created in just the past 2 years, with many months over 200,000 private-sector jobs.
As the economy steadily improves, and we continue to dig ourselves out of the bush/cheney Great Recession of 2007-2009, the republicans wanting to use the economy for political points in the 2012 election, get more rabid as they continuously foam at the mouth!