Jobless Claims Fall to Lowest Level in More than Four Years

Good news on the job market. This from Reuters:

The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in more than four and a half years, according to government data on Thursday that suggested improvement in the labor market.

Initial claims for state unemployment benefits fell 30,000 to a seasonally adjusted 339,000, the Labor Department said.

3 responses to “Jobless Claims Fall to Lowest Level in More than Four Years

  1. Is that true, or merely a case of ‘lies, damn lies, and statistics’? I am always cynical over unemployment stats. I feel they are often used by Governments as a tool to prove all is well, or better, and rarely is that the truth. Its a bit like propaganda.

    • In this case, there /could/ be a problem with the number. Reportedly one “large” state hadn’t reported. I don’t know if they tried to adjust for it, but either way, I’ll be anxious to see next week’s number.

      But you bring up a good point. All unemployment numbers (all statistics for that matter) are just estimates, and they all have some random components. That’s why I look for trends over time, and I try to look at more than one number. This time, several numbers are pointing to good news all at once, which is reassuring.

      But another point is that all of these numbers only measure what they measure. The basic unemployment rate treats people as “employed” even if they’re working part-time but want to be working full-time. If you want to understand more, you always have to dig deeper.

      • The Savvy Senorita

        Thanks for the response. Yeah, that is exactly it, never take anything on one set of stats, or face value for that matter. Always dig deeper. Its a very interesting topic though. Thanks for further info too!

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