Thursday, February 10, 2011

Fingers Crossed

This is definitely encouraging:
Weekly U.S. jobless claims drop 36,000
WASHINGTON (MarketWatch) -- New applications for regular state unemployment-insurance benefits fell 36,000 to a seasonally adjusted 383,000 in the week ended Feb. 5, hitting the lowest level since July of 2008, the Labor Department reported Thursday. Economists polled by MarketWatch had expected an initial-claims level of 410,000. The level of claims helps observers to analyze the health of the labor market, and economists say claims would have to remain below 400,000 before there's a substantial gain in hiring. The last time claims were below 400,000 was in late December. In recent weeks weather has been behind some volatility in the data. The four-week average of new claims, which smoothes out some volatility, fell 16,000 to 415,500.
It's just one week, and this result would have to be supported by several more weeks of initial claims in the 400k or lower range, but... the journey of a thousand miles starts with one step, or something like that....

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