"New jobless claims dropped to the lowest level since January"

[ProSense]

Jobless claims, muted inflation boost recovery

By CHRISTOPHER S. RUGABER

WASHINGTON – New jobless claims dropped to the lowest level since January and the prices of many household goods stayed low last month, positive signs of stability for the fledgling economic recovery.

The decline in jobless claims shows companies are cutting fewer workers, though the drop isn't yet steep enough to signal new hiring, economists said. And the low level of inflation is holding down prices as Americans slowly regain their appetite to shop despite rising unemployment and tight credit conditions.

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The Labor Department said first-time claims for jobless benefits dropped to a seasonally-adjusted 514,000 from an upwardly revised 524,000 the previous week. The fifth decline in six weeks defied economists' forecasts of a slight gain.

The four-week average, which smooths fluctuations, fell for the sixth straight time to 531,500. That's the lowest since January and about 125,000 below the April peak.

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[Oregone]

1. Well, its possible the bleeding is hitting bottom

How long we stay here though, is another story. Will there be a first quarter up trend in 2010, or rather, 2013? That's the question the weighs on most people's minds now.

If North America has its own "lost decade", the damage will be unfathomable

[ProSense]

2. If the trend continues, what do you suspect will happen? n/t

[Oregone]

5. Its too early to tell

Hell, Im only a layman. But people are still losing their jobs (just not as many), and new hires aren't through the roof.

Some economists look at this and are predicting long term high unemployment and stagflation. Some think hiring will resume when layoffs cease.

If you are in the ideological camp that states a high stock market and less jobless claims point to a miraculous recovery, with no further needed government intervention, then all the power to you. As for me, who knows. We live in uncertain times.

[Altoid_Cyclist]

3. I have a hard time getting too euphoric over this.

I'm still out of work after 18 months. The fact that fewer workers are being laid off only means that there are fewer people working that can be laid off to begin with.

Once companies start hiring new people and bringing back the ones that they laid off, maybe then the economy will start to rebound.

The actual unemployment rate would be considerably higher if they included people who have simply stopped looking for work and people that are working a few hours a week for minimum wage.

Where I live, about the only options for finding work are convenience stores and retail openings.

[ProSense]

4. That's understandable.

These are still extremely high numbers. Hope thing begin to turn around more rapidly, there is still stimulus to be distributed. Good luck with your job search.

[Altoid_Cyclist]

11. Thanks.

I'm just lucky that PA is one of the states with expanded benefits for unemployment compensation. I'm still receiving a UC check every week so I am fortunate in that respect. The only problem is that I was told that the benefits would run out after 6 months or so. I really wish that I hadn't taken all of my money out of my 401 thinking that we'd need it to live on this year.
Oh well, there's no guarantee that my plan would have gone back up with the rest of the market.

[quiller4]

19. Some companies that laid off in Jan-April are already hiring

back workers. At job fairs more employers are showing up now than in the early summer. In my area Comcast and United Parcel are two of the big employers who have been hiring. Although Boeing is laying off workers, it is still hiring, too. The Simpson Mill has already recalled all the employees it laid off last spring and is hiring but the only openings are for journey level millwrights. Taht wouldn't help anyone looking for entry level work.

[Altoid_Cyclist]

27. Some parts of the country are way ahead of this area.

This area basically sold its' soul to a chain of convenience stores and anything retail when the economy went south in the early 80's. They don't do anything to attract companies that will pay a decent full time wage.

The railroad used to own this town from the 1800's until about 30 years ago. The railroad started to die off at the same time that A & P Supermarkets closed all of their stores in the mid-Atlantic region. It became a chain reaction then with companies like Proctor-Silex, Penn Jacobsen, SKF and other manufacturers closing one by one.

The only growth area around here is State College and the competition for jobs there puts a person like me at a disadvantage. They have the PSU graduates to choose from so they aren't too eager to hire someone in their 50's with a multitude of health problems.

A lot of the jobs that I could do state right in the ad that only recent college graduates may apply. I thought that was illegal, but I guess not since so many companies do it.

As I said, at least I'm lucky enough to still be receiving UC checks since our state is allowing Extended Benefits to the unemployed.

[datasuspect]

6. i wonder if our owners make this shit up as they go along

i am getting this close to not giving a fuck anymore.

wait: no, i actually don't give a fuck anymore.

[tonysam]

7. It doesn't mean squat

Just because fewer claims are being filed doesn't mean more jobs are being created for the millions who are unemployed. That means there is NO recovery.

Right now I see from Congress and the White House absolutely nothing to get people working again.

[inthebrain]

8. Or prevent them from losing their homes and pensions

The economy is at crisis level.

It's pretty much Katrina nationwide and there is ZILCHO federal response to address it. We can give the banks and auto companies trillions of dollars but do nothing when they close plants, fire workers, cut benefits/pay and take their homes.

This is devastating people and a huge pock mark on Washington. They just don't give a fuck.

[Oregone]

9. No, there is a federal response to it. Its just inadequate and bi-partisan

[ProSense]

10. Yes it does, and jobs are being saved and created.

If it didn't mean squat, 800,000 jobs lost each month from the high until now would have caused a lot more damage. Stopping that level of loss and teducing the number by a few hundred a month means something.

[AllentownJake]

12. That is one way to look at it

There is also the alternative way to look at it.

When you cut a pig's throat eventually the bleeding slows down, mostly because the blood has left the body.

Kind of like a reverse law of diminishing returns.

[ProSense]

13. "When you cut a pig's throat eventually the bleeding slows down..." Hence

my question

You're basically saying the losses are slowing on their own, but it's Obama's fault that it's not slowing fast enough, but then, again, it's going to slow anyway. Does the pig miraculously come back to life on its own?

[AllentownJake]

14. Where did I mention President Obama

Like I said before, he isn't God. Reality isn't anti-Obama.

[ProSense]

16. "Like I said before, he isn't God. Reality isn't anti-Obama." Evidently, you keep

repeating that although it bears no relevance to the current discussion.

[AllentownJake]

17. You keep bringing him up

Do you think the President has the power to fix this? The only thing the President can do is have the people responsible for this investigated and brought to justice.

[ProSense]

20. "Do you think the President has the power to fix this?" What?

So what the hell are you complaining about?

It's pretty clear where you're heading, though, in response to the question.

[AllentownJake]

21. I think it is pretty clear what I'm complaining about

The government's job is to regulate and police and provide a stable and fair place for the marketplace to function. The government's job isn't to employ people.

So far, I've seen a lot of talk about reform, not really any. I've seen a few minor crooks go to jail, not really any of the big ones. In fact some of the idiots who were the watchmen on the tower while all this bullshit was taking place or who removed the guards got promotions.

Essentially what I'm complaining about is that it is a year later and all the conditions that created the mess we are in still exist and are not being addressed.

The private sector is going to be the main employer of the country. My question, is Barack Obama going to be an FDR and reform the system after it has crashed or is he going to be a Herbert Hoover and try to prop up the failures.

So far I'm unimpressed.

[ProSense]

22. No, it's not clear

Here is your previous comment: "Do you think the President has the power to fix this? The only thing the President can do is have the people responsible for this investigated and brought to justice."

Current: "The government's job is to regulate and police and provide a stable and fair place for the marketplace to function."

So the President isn't part of the government?

[AllentownJake]

23. The President cannot fix the employment situation

What he can do, is ask congress to pass reforms and use the regulatory authority he already has (SEC) to pass some new regulation.

The Executive Branches immediate power is vested in the hands of the Justice Department who has the power to investigate fraud. So far, I've seen little investigations into the fraud that was perpetrated.

You make an example out of a few of these guys, the rest of them will fall in line. No one wants to go to jail

[ProSense]

25. What nonsense. So why is everyone complaining about Obama's stimulus?

[AllentownJake]

26. I'm not complaining about the stimulus

I complain a lot about Tim Geithner, Ben Bernake, and Larry Summers. I don't think I've complained about the stimulus package other than the tax cuts shouldn't have been included. That was before 60 Senators and when Arlen was a republican.

[NNN0LHI]

15. I wonder who would unrecommend this thread?

:eyes:

[SIMPLYB1980]

18. IDK, but I gave it a

K&R

[Rex]

24. Okay, are we finally seeing a bottom to the economic depression?

Or is this more patchwork?