U.S. Jobless Claims Drop to Lowest Level Since 2006

[rdean]

U.S. Jobless Claims Drop to Lowest Level Since 2006 - WSJ

WASHINGTON—New applications for unemployment benefits plunged last week, reaching an 8½-year low and offering the latest signs of strength in the labor market.

Initial claims for jobless aid, a proxy for layoffs, fell by 19,000 to a seasonally adjusted 284,000 in the week ended July 19, the Labor Department said Thursday. That was the lowest level for first-time claims since February 2006 and below the 305,000 claims forecast by economists surveyed by The Wall Street Journal. The prior week was revised up slightly.

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I would have thought all those Bush Tax Cuts would have created millions of new jobs lasting for the next 100 years. And deregulating Wall Street, don't forget that. Guess we were wrong

 

[Warrior102]

http://rt.com/business/us-unemployment-economy-crisis-assistance-006/

 

[Moonglow]

and long term unemployed have increase .05% so far this quarter..in getting rehired, 2015 predictions are for a stronger economy and more people being employed.

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring, stocks are doing better and housing prices have stabilized and are inflating in some places which allows more people to go back into retirement even before they hit retirement age..
Where I live the plants are hiring and the housing market is strong. Skilled workers are being hired and they needmore. Wages have increased also..

 

[Moonglow]

http://rt.com/business/us-unemployment-economy-crisis-assistance-006/

Thanks for last years report...

 

[EdwardBaiamonte]

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring,

dear, real unemployment(U6) is 50% higher than before the recession. Obama's recovery is worst since Great liberal Depression which helps explain why most think our country is declining.

 

[itfitzme]

and long term unemployed have increase .05% so far this quarter..in getting rehired, 2015 predictions are for a stronger economy and more people being employed.

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring, stocks are doing better and housing prices have stabilized and are inflating in some places which allows more people to go back into retirement even before they hit retirement age..
Where I live the plants are hiring and the housing market is strong. Skilled workers are being hired and they needmore. Wages have increased also..

Well, on that baby boomers retiring, and you might check with pingy on this.. My best analysis indicated that the 18 to 25 age group was the ones not getting jobs while the over 60 crowd was hanging on to them.

 

[EdwardBaiamonte]

and long term unemployed have increase .05% so far this quarter..in getting rehired, 2015 predictions are for a stronger economy and more people being employed.

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring, stocks are doing better and housing prices have stabilized and are inflating in some places which allows more people to go back into retirement even before they hit retirement age..
Where I live the plants are hiring and the housing market is strong. Skilled workers are being hired and they needmore. Wages have increased also..

Well, on that baby boomers retiring, and you might check with pingy on this.. My best analysis indicated that the 18 to 25 age group was the ones not getting jobs while the over 60 crowd was hanging on to them.

U6 is the accurate measure of unemployment it seems to me and it show unemployment at 50% higher than before recession. Thats a disaster

 

[Stephanie]

yeah ok
so rdeanie, how many people have dropped out of the work force?

hummm, you believe what you need

 

[Rshermr]

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring,

dear, real unemployment(U6) is 50% higher than before the recession. Obama's recovery is worst since Great liberal Depression which helps explain why most think our country is declining.

Now, now, ed. You are lying again. But then, it can not hurt your integrity, since you have none.

 

[Rshermr]

yeah ok
so rdeanie, how many people have dropped out of the work force?

hummm, you believe what you need

People dropping out include those no longer having to hold a job because they need insurance, which is no longer true. And people of retirement age, resulting from the baby boom. Next??

 

[pinqy]

and long term unemployed have increase .05% so far this quarter..in getting rehired, 2015 predictions are for a stronger economy and more people being employed.

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring, stocks are doing better and housing prices have stabilized and are inflating in some places which allows more people to go back into retirement even before they hit retirement age..
Where I live the plants are hiring and the housing market is strong. Skilled workers are being hired and they needmore. Wages have increased also..

Well, on that baby boomers retiring, and you might check with pingy on this.. My best analysis indicated that the 18 to 25 age group was the ones not getting jobs while the over 60 crowd was hanging on to them.

U6 is the accurate measure of unemployment it seems to me and it show unemployment at 50% higher than before recession. Thats a disaster

It's demonstrably less accurate. First, it's not a measure on unemployment, it's a measure of underutilization and includes millions of people who are working in the numerator.
Second, the marginally attached (which includes discouraged) have very large margins of error because they're a small part of the population and the definitions are very subjective.

By what possible metric are you considering the U6 more accurate???

 

[pinqy]

yeah ok
so rdeanie, how many people have dropped out of the work force?

hummm, you believe what you need

Define your terms. There are many reasons to leave the labor force.
Leaving the Labor Force and the Population:

• Dying
• Leaving the country
• Joining the military
• Going to jail
• Becoming a resident at an institution (old folks home, mental institute, whatever).

Leaving the Labor Force and being classified as Not in the Labor Force:

• Retiring
• Becoming a full time student.
• Staying home with the kids.
• Becoming disabled.
• Pregnant
• Long term injury/illness.
• Having to take care of family member
• No longer wanting/needing a job.
• Cannot accept a job for any other reason.
• Don't believe search would be successful.

Many people talking about "dropping out of the labor force" are really talking about all of the above. Only discouraged workers could really be considered "dropping out" in my opinion and that number is currently at 676,000

 

[Rshermr]

yeah ok
so rdeanie, how many people have dropped out of the work force?

hummm, you believe what you need

Define your terms. There are many reasons to leave the labor force.
Leaving the Labor Force and the Population:

• Dying
• Leaving the country
• Joining the military
• Going to jail
• Becoming a resident at an institution (old folks home, mental institute, whatever).

Leaving the Labor Force and being classified as Not in the Labor Force:

• Retiring
• Becoming a full time student.
• Staying home with the kids.
• Becoming disabled.
• Pregnant
• Long term injury/illness.
• Having to take care of family member
• No longer wanting/needing a job.
• Cannot accept a job for any other reason.
• Don't believe search would be successful.

Many people talking about "dropping out of the labor force" are really talking about all of the above. Only discouraged workers could really be considered "dropping out" in my opinion and that number is currently at 676,000

Thanks for the two preceding posts. Your knowledge of unemployment numbers is impressive, and valuable. So, let me ask, are the number of discouraged workers increasing or decreasing?
Seems to me that the discouraged worker number is highly telling, and worth watching. While i new it was kept, I have to admit I do not tend to get too deep in the numbers. What is common over time? Seems, off hand, that 676k is not all that many, so just interested in historical perspective if you have it.

 

[pinqy]

yeah ok
so rdeanie, how many people have dropped out of the work force?

hummm, you believe what you need

Define your terms. There are many reasons to leave the labor force.
Leaving the Labor Force and the Population:

• Dying
• Leaving the country
• Joining the military
• Going to jail
• Becoming a resident at an institution (old folks home, mental institute, whatever).

Leaving the Labor Force and being classified as Not in the Labor Force:

• Retiring
• Becoming a full time student.
• Staying home with the kids.
• Becoming disabled.
• Pregnant
• Long term injury/illness.
• Having to take care of family member
• No longer wanting/needing a job.
• Cannot accept a job for any other reason.
• Don't believe search would be successful.

Many people talking about "dropping out of the labor force" are really talking about all of the above. Only discouraged workers could really be considered "dropping out" in my opinion and that number is currently at 676,000

Thanks for the two preceding posts. Your knowledge of unemployment numbers is impressive, and valuable. So, let me ask, are the number of discouraged workers increasing or decreasing?

Oh, it's been dropping for a while. When the recession started it was at 467,000. It went up to 1.3 million in December 2010, and is now at 676,000, the lowest it's been under Obama.

 

[Rshermr]

Define your terms. There are many reasons to leave the labor force.
Leaving the Labor Force and the Population:

• Dying
• Leaving the country
• Joining the military
• Going to jail
• Becoming a resident at an institution (old folks home, mental institute, whatever).

Leaving the Labor Force and being classified as Not in the Labor Force:

• Retiring
• Becoming a full time student.
• Staying home with the kids.
• Becoming disabled.
• Pregnant
• Long term injury/illness.
• Having to take care of family member
• No longer wanting/needing a job.
• Cannot accept a job for any other reason.
• Don't believe search would be successful.

Many people talking about "dropping out of the labor force" are really talking about all of the above. Only discouraged workers could really be considered "dropping out" in my opinion and that number is currently at 676,000

Thanks for the two preceding posts. Your knowledge of unemployment numbers is impressive, and valuable. So, let me ask, are the number of discouraged workers increasing or decreasing?

Oh, it's been dropping for a while. When the recession started it was at 467,000. It went up to 1.3 million in December 2010, and is now at 676,000, the lowest it's been under Obama.

So, about what you might expect. Thanks.

 

[EconChick]

U.S. Jobless Claims Drop to Lowest Level Since 2006 - WSJ

WASHINGTON—New applications for unemployment benefits plunged last week, reaching an 8½-year low and offering the latest signs of strength in the labor market.

Initial claims for jobless aid, a proxy for layoffs, fell by 19,000 to a seasonally adjusted 284,000 in the week ended July 19, the Labor Department said Thursday. That was the lowest level for first-time claims since February 2006 and below the 305,000 claims forecast by economists surveyed by The Wall Street Journal. The prior week was revised up slightly.

------------------------

I would have thought all those Bush Tax Cuts would have created millions of new jobs lasting for the next 100 years. And deregulating Wall Street, don't forget that. Guess we were wrong

Here, let me teach you some econ 101. A lower jobless claim, while on the surface sounds good, is not the same as job creation. Our economy is still a mess. Don't you remember the NEGATIVE 3% growth in Quarter 1?????

Learn the difference between U-3 and U-6 numbers.

The U-3 numbers are misleading; you have to look at U-6.

Talking about U-3 numbers is like saying Businessman X made a ton of money, as in $40 THOUSAND in revenue without putting it into context that he incurred $20 MILLION in costs to run his company.

 

[EconChick]

In other words the analogy is Obama is running around yelling "we made 40 Thousand dollars, we made 40 Thousand dollars, we made 40 thousand, nananana nana, we made 40 thousand dollars" without also telling you he incurred $20 MILLION in costs while doing it.

Those of us who pay attention to ALL of the economic data know better. Liberals are gullible little doves that don't.

 

[PoliticalTorch]

U.S. Jobless Claims Drop to Lowest Level Since 2006 - WSJ

WASHINGTON—New applications for unemployment benefits plunged last week, reaching an 8½-year low and offering the latest signs of strength in the labor market.

Initial claims for jobless aid, a proxy for layoffs, fell by 19,000 to a seasonally adjusted 284,000 in the week ended July 19, the Labor Department said Thursday. That was the lowest level for first-time claims since February 2006 and below the 305,000 claims forecast by economists surveyed by The Wall Street Journal. The prior week was revised up slightly.

------------------------

I would have thought all those Bush Tax Cuts would have created millions of new jobs lasting for the next 100 years. And deregulating Wall Street, don't forget that. Guess we were wrong

It is a good sign that the economy is strengthening and it is being done on President Obama's watch. This can only get better if Republicans don't continue to stand in the way of progress for the American people by their obstruction tactics.

 

[EconChick]

and long term unemployed have increase .05% so far this quarter..in getting rehired, 2015 predictions are for a stronger economy and more people being employed.

Now let the naysayers harp their usual percentage of those not working being at an all time high..without acknowledging that the baby boomers are retiring, stocks are doing better and housing prices have stabilized and are inflating in some places which allows more people to go back into retirement even before they hit retirement age..
Where I live the plants are hiring and the housing market is strong. Skilled workers are being hired and they needmore. Wages have increased also..

Great. You just alluded to only about 4 of the dozens and dozens of other variables one must look at.

 

[EconChick]

Ok, here's a quiz for the mathematically challenged. If you don't know the answer, you should never ever be commenting on the economy.

We had a contraction, YES A CONTRACTION of an entire 3% of GDP in the first quarter. How much money does that come out to?

Hint: it's not 3 pennies.

Growth under Obama has been a disaster. If you're too inept to understand the interplay of all the other economic stats, you should at least go to the GDP numbers for an intuitive look.

In other words, are economic policies making us grow or not?

It's very obvious - HIS ARE NOT.