Us Jobless Aid Applications Fall To 14-Year Low

[Purveyor]

Source: Associated Press

WASHINGTON (AP) -- The number of people seeking U.S. unemployment aid dropped to the lowest level in 14 years last week, the latest sign of a strengthening labor market that could help blunt worries about the impact of weak global growth.

The Labor Department said Thursday that weekly applications for unemployment aid fell 23,000 to a seasonally adjusted 264,000, the lowest level since April 2000. Given that the U.S. population has grown considerably since then, the proportion of the U.S. workforce applying for benefits is even smaller. Applications are a proxy for layoffs.

Analysts cheered the unexpectedly strong data. Ian Shepherdson, chief economist at Pantheon Macroeconomics, described the report as "spectacular" and "astonishing."

"Whether claims can be sustained at such a low level - an all-time low, as a share of payroll employment - is debatable... but this is a clear signal of real strength in the labor market," he said in a note to clients.

Read more: http://hosted.ap.org/dynamic/stories/U/US_UNEMPLOYMENT_BENEFITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-10-16-10-03-50

[Kingofalldems]

1. Well

[Dopers_Greed]

2. What about the numbers

that take into account people dropping out of the labor market, and taking low-paying or part-time work.

Wouldn't look so "spectacular" then...

[Midnight Writer]

6. Not to discount folks having to take low-pay jobs

but the lowering participation rate in the labor market has been predicted as a long term trend.

Over 300,000 Americans turn 65 every month, as the baby-boomers are reaching retirement age. You have to assume that many of these citizens are retiring (perhaps by choice, perhaps not), thus "dropping out' of the labor market.

This is obviously going to be a major challenge to our economy, as burdens on Social Security and Medicare increase. The combination of new and existing workers making lower wages will exasperate the problem.

Too bad we didn't take the Social Security payments we collected during the "boom" years and put them into a "lockbox" where they could earn interest and preserve the economic security of our seniors, but you know, Al Gore is a pinko tree-hugger and Social Security is a commie plot and creeping socialism and all that.

[whatthehey]

7. Highly unlikely to matter here

This is a measure of new applicants for benefits. To be relevant to discouraged workers you'd have to imagine a large number of people gainfully employed on Thursday who find themselves laid off and then just give up forever on Friday and decide never to look for work again and also not to apply for benefits, but just check out of the labor force. That's pretty rapid discouragement.

It's a bit more plausible but still not likely a significant number that they got their pink slip and immediately stopped off at McDonald's for that PT cashier job and were hired on the spot. To be honest that's how I personally dealt with a couple of layoffs in my younger low-pay years (well bartending but same idea) but not too realistic for most.

Most people when laid off would apply for benefits and then start worry about work options etc.

[Major Hogwash]

3. Nothing less than a miracle!!!!!!

Because President Obama had to pull the reluctant Republicans up the hill with him in order for him to recover the United States from the Great Recession of 2008!!!

[sheshe2]

4. Kick!

[Jamaal510]

5. K&R

[RussBLib]

8. Have we seen any Dems campaigning on this good economic news?

I haven't. Nor have I seen any Dems campaigning on the successes of the ACA, aka "Obamacare". I don't know what the fu@k goes on in the minds of these Dems.