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Jobless claims fell to another five-year low last week, signaling that layoffs are back to pre-recession levels.
About 323,000 people filed for their first-week of unemployment benefits last week, the Labor Department said Thursday. That's the lowest level in a single week since January 2008, and corresponds with other data that show employers are laying off fewer workers.
Before the recession began in December 2007, it was common to see about 320,000 initial claims filed each week due to normal churn in the job market. Then, as firms slashed millions of jobs, weekly claims soared as high as 670,000 in March 2009.
The drop in claims since then is seen as an encouraging sign that the job market is recovering. Overall, the U.S. economy lost 8.7 million jobs in the financial crisis, and has added back about 6.2 million jobs since then.
What we are seeing is a low wage recovery. White collar jobs are being replaced by lower paying service jobs.
And we're not making adjustments in the rest of society to account for that.
It took a while, but we are finally back to where we were before the recession begun.
its called an economic cycle, normally takes 5-7 years, We fell in 2008, meaning that right now we should be peaking, not trying to figure out how to break even...
And to think, we only had to add $6 trillion to the national debt and celebrate $1.5T deficits to do it..
Or more likely thats the reason its taking so long.. but you go ahead and celebrate
What we are seeing is a low wage recovery. White collar jobs are being replaced by lower paying service jobs.
And we're not making adjustments in the rest of society to account for that.
Deficits dropped 32%, and the main reason is here: The tax haul rose sharply primarily because wages and salaries were higher.
While the higher income tax rate is confined to a small percentage of U.S. taxpayers, the return to a higher Social Security payroll tax rate will hit 77% of American households. Households with incomes between $40,000 and $50,000 will pay about $579 more in taxes this year, while households with incomes between $50,000 and $75,000 will see their taxes rise by $822.
Most of the jobs being created now are part time jobs replacing full time ones, at least it was in last weeks report. I see little reason to believe things have changed in a week.
Jobless claims fell to another five-year low last week, signaling that layoffs are back to pre-recession levels.
About 323,000 people filed for their first-week of unemployment benefits last week, the Labor Department said Thursday. That's the lowest level in a single week since January 2008, and corresponds with other data that show employers are laying off fewer workers.
Before the recession began in December 2007, it was common to see about 320,000 initial claims filed each week due to normal churn in the job market. Then, as firms slashed millions of jobs, weekly claims soared as high as 670,000 in March 2009.
The drop in claims since then is seen as an encouraging sign that the job market is recovering. Overall, the U.S. economy lost 8.7 million jobs in the financial crisis, and has added back about 6.2 million jobs since then.
Jobless claims fell to another five-year low last week, signaling that layoffs are back to pre-recession levels.
About 323,000 people filed for their first-week of unemployment benefits last week, the Labor Department said Thursday. That's the lowest level in a single week since January 2008, and corresponds with other data that show employers are laying off fewer workers.
Before the recession began in December 2007, it was common to see about 320,000 initial claims filed each week due to normal churn in the job market. Then, as firms slashed millions of jobs, weekly claims soared as high as 670,000 in March 2009.
The drop in claims since then is seen as an encouraging sign that the job market is recovering. Overall, the U.S. economy lost 8.7 million jobs in the financial crisis, and has added back about 6.2 million jobs since then.
So, what the numbers say is that there were fewer new unemployment claims. Doesn't say anything about the massive amount of people who are still unable to find decent employment.
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