New Unemployment Applications Fall to Lowest Level Since '06

job fair
AP/Alan DiazJob seekers check out the opportunities at a Hiring Fair For Veterans in Fort Lauderdale, Florida.
By JOSH BOAK

WASHINGTON -- Fewer people sought U.S. unemployment benefits last week, as jobless claims remain at relatively low levels that point toward stronger economic growth.

The Labor Department says weekly applications for unemployment aid fell 14,000 to a seasonally adjusted 289,000. The prior week's was revised up slightly to 303,000.

The four-week average, a less volatile measure, fell 4,000 to 293,500. That's the lowest average since February 2006, almost two years before the Great Recession began at the end of 2007.

Applications are a proxy for layoffs. When employers keep their workers, it suggests potentially rising incomes, increased hiring activity and confidence that the economy is improving.

Employers added a net total of 209,000 jobs in July, the sixth straight month of job gains above 200,000, the government reported Friday.

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mrs.perlosi_1

Len

Why is it all the whining comes from those who spend all day drinking cheap beer and watching Fox News? The good thing for the rest of us is that since they are loath to give up their bar stools, there are fewer competitors for jobs.

________________________________________

Lenny not only suffers from leftwing loon disease he also has a severe case of Foxophobia, darlings.

August 10 2014 at 12:42 AM Report abuse -1 rate up rate down Reply
lyvilulac

The combination of Outsourcing, Automation, and Illegal Immigration have decimated the working class and working poor, with no end in sight. Wages can't rise with these headwinds... and if they did then the Fed would immediately raise interest rates to ward off the "wage price spiral" crushing wages again. They think it's ok for Stocks to jump out of control... but wage raises for the plebes is unacceptable

Just take myself for example - I was laid off in 2010 shortly after the start of the recession. I’m highly skilled in my field, yet have been bouncing around from job to job all making starting salary numbers, despite being 40 years old. Paying my mortgage is a struggle. Paying my health insurance is worse ($375/month from Freelancer’s Union). I am forced to buy cheap bare minimum car insurance ($18/month from Insurance Panda). My daughter is forced to attend a public school that is in increasingly worse condition thanks to illegal children and welfare leeches moving in. Yet here I am, unable to afford a quality education for her.

Federal Reserve monetary policy moves (although necessary) have mainly benefitted Big Business (especially Finance) and speculators, to the detriment of savers. Zero Interest Rate policy and Fed Purchases in the Open Market simply don't help the Average American much. Thus we see a booming Stock Market (which is clearly an echo bubble based on Fed policy and not on macroeconomic data) and we saw a mini echo RE bubble (especially the "luxury rental" segment)

People ask why the Stock Market isn't jumping with today's news. The answer is obvious. It likes the increase in GDP, but it doesn't like the idea that the Fed may need to stop goosing the market. The Fed is trapped with no exit strategy.

There is no Fiscal Policy these days due to Republican intransigence.

We need a drop in REAL unemployment and increased WAGES, and should focus on those.

August 08 2014 at 11:50 AM Report abuse -1 rate up rate down Reply
Iselin007

mac2jr
Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus... Stimulus...
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They should of used the stimulus to repair the SSI accounts of the older unemployed who were to young to retire or find work because of age discrimination. They could of paid the older unemployed full retirement.

August 08 2014 at 10:55 AM Report abuse -1 rate up rate down Reply
A New Year

If I hear it one more time that unemployment is going down I'm going to screem ON WHAT PLANET IS THIS HAPPENING. What kind of drugs are these people on. Both parties are a disgrace to the HUMAN race. What kind of drugs is our government on. I hope the House and Senate are enjoying our money while they are on their 5 week break. I think the anti-christ is already here it's call our government.

August 07 2014 at 11:50 PM Report abuse +1 rate up rate down Reply
1 reply to A New Year's comment
dembaitnswitch

Try 5 year break.

August 08 2014 at 3:08 AM Report abuse -1 rate up rate down Reply
bobjimflys

Josh Boak, The numbers may be accurate, the problem is we have the lowest worker participation rate since Jimmy Carter. There are 11 million fewer workers working today than were on 20 Jan 2009. Where are those numbers? Drive down any street, look at all the empty office space. The Fed is pumping in a Trillion dollars a year into the economy, what do you think will happen when that is cut-off? Answer, the Bubble will POP!

August 07 2014 at 4:29 PM Report abuse rate up rate down Reply
1 reply to bobjimflys's comment
Iselin007

We have a shrinking job market and and influx of non citizens. The population 16 and over was growing so fast even as employment peaked in 2007/2008 unemployment and not in the labor force was growing. In 2014 we need 171 + million people working just to break even. The private sector is too small and under paid to pay the high saleries and pensions of goverment.

August 08 2014 at 10:46 AM Report abuse -1 rate up rate down Reply
jim.lapt

Keep up the good work president Obama, show them your phone and your pen!

August 07 2014 at 2:10 PM Report abuse -7 rate up rate down Reply
toosmart4u

Can tell by the comments here the republican money machine is spreading a lot of hate and some people who cannot think for themselves is falling for it.

August 07 2014 at 1:48 PM Report abuse -5 rate up rate down Reply
1 reply to toosmart4u's comment
jim.lapt

I hate the republicans, because they hate our president, because he's black.

August 07 2014 at 1:52 PM Report abuse -7 rate up rate down Reply
toosmart4u

ise, the republicans dropped the federal extension tis why so many Americans ran out of unemployment benefits. Chalk this mess up to the republicans too.

August 07 2014 at 1:45 PM Report abuse -5 rate up rate down Reply
1 reply to toosmart4u's comment
gee.effwye

“The reason the Majority Leader will not allow amendments is because he wants to protect his members from actually being held accountable by the voters of the United States of America,” Sen. Jeff Sessions (R-Ala.) said on the Senate floor last month. “It’s dekmeaning this Senate, and he demeans the loyal opposition who are doing the only thing they have as a tool, which is refuse to move forward with a bill if the Majority Leader is going to use parliamentary maneuvers to block anybody’s amendment.”

August 07 2014 at 11:59 PM Report abuse +1 rate up rate down Reply
toosmart4u

Ise, naturally it is the republicans fault for they have not come up with a immigration plan to submit for President Obama's signature. Fault of the republican controlled congress.

August 07 2014 at 1:43 PM Report abuse -7 rate up rate down Reply
1 reply to toosmart4u's comment
gee.effwye

like harry reid would even have the courage to allow a vote on it. obama and the dems want to start with amnesty. The Repubs want to start with securing the border.

August 08 2014 at 11:43 AM Report abuse rate up rate down Reply
toosmart4u

Way to go President Obama, rough job cleaning up the mess from the bush/chaney administration.

August 07 2014 at 1:41 PM Report abuse -7 rate up rate down Reply
1 reply to toosmart4u's comment
jim.lapt

You're so smart toosmart, I'd like to go shrimping with you too. MMMMWAHH.

August 07 2014 at 1:42 PM Report abuse -4 rate up rate down Reply