Jobless claims improve, exceed expectations

[ProSense]

Jobless claims improve, exceed expectations

By Steve Benen

After a month in which initial unemployment claims appeared stuck at too high a level, a new report from the Department of Labor this morning offered even better news than expected.

First-time claims for state unemployment benefits declined by the largest amount in more than a month in the latest week, the Labor Department reported Thursday. The number of initial claims in the week ending Sept. 1 fell 12,000 to 365,000. The consensus forecast of Wall Street economists was for claims to fall a slight 1,000 to 373,000.

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In terms of metrics, when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've only managed to dip below the 370,000 threshold seven times in the last 22 weeks, but the more encouraging news is that we've been below 370,000 in six of the last nine weeks.

And with that, here's the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I've added an arrow to show the point at which President Obama's Recovery Act began spending money.



http://maddowblog.msnbc.com/_news/2012/09/06/13703038-jobless-claims-improve-exceed-expectations

[lunatica]

1. Mitt is crying right now

The economy is improving under Obama!!

[Flashmann]

2. I have every confidence

Willard will regain his composure and find a way to claim credit.....

[Jeff In Milwaukee]

3. Retroactively, of course (nt)

[protect our future]

4. Excellent chart. nt

[WI_DEM]

5. I hope the Friday employment numbers will be good coming out of the convention

hoping they will show 200,000 jobs created.