"Jobless Claims in U.S. Unexpectedly Drop To Three-Month Low"

[Clio the Leo]

Jobless Claims in U.S. Unexpectedly Drop To Three-Month Low
By Courtney Schlisserman - Oct 28, 2010 8:48 AM ET

Applications for U.S. unemployment benefits unexpectedly fell last week to the lowest level in three months, a signal the labor market may be starting to mend.

Initial jobless claims decreased by 21,000 to 434,000 in the week ended Oct. 23, the lowest since early July when fewer auto plants than normal closed for retooling, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance dropped to a two-year low, while those getting extended payments also fell.

Consumer spending, which accounts for about 70 percent of the economy, is beginning to gain speed and may give companies reason to increase payrolls heading into the holiday shopping season. Ford Motor Co. is among companies planning to add staff as sales improve.

“Certainly these are encouraging numbers,” said Brian Jones, an economist at Societe Generale SA in New York, who forecast claims would drop to 430,000. At the same time, he said, “given other labor-market readings you want to be hesitant about saying we’ve turned the corner.”

Stock-index futures added to earlier gains after the report. The contract on the Standard & Poor’s 500 Index expiring in December rose 0.7 percent to 1,186.8 at 8:47 a.m. in New York. Treasury securities also rose, sending the yield on the benchmark 10-year note down to 2.71 percent from 2.72 percent late yesterday.

http://www.bloomberg.com/news/2010-10-28/unemployment-claims-in-u-s-unexpectedly-decline-to-a-three-month-low.html

[Crazy Dave]

1. It's not as bad as it was last year

You couldn't even get a job at McDonalds or Walmart for minimum wage in my town a year ago but now they're hiring a few people. The good paying jobs will be back in another 5 - 10 years.

[jefferson_dem]

2. Good. Not perfect...but clearly progress.

:thumbsup:

[Clio the Leo]

7. and what will be ironically funny...

.... is that we'll prob. get a good monthly jobs report (I believe the number only rose once in the last 8 weeks) on the first report AFTER the GOP wins the House .... they will, of course, take full credit for it, despite the fact that Boehener won't even be holding the gavel yet.

[Life Long Dem]

3. This is an example of the car out of the ditch analogy Obama speaks of.

The Repubs want the car back so they can drive it back into the ditch.

[elocs]

4. The jobless rate in my area fell to 5.5%, terrible news before an election.

http://lacrossetribune.com/news/local/article_32554e80-e24f-11df-b99d-001cc4c002e0.html

La Crosse area jobless rate falls to 5.5%

By STEVE CAHALAN [e-mail] lacrossetribune.com


The La Crosse metropolitan area's unemployment rate dropped to 5.5 percent in September from 6.1 percent in August, the Wisconsin Department of Workforce Development said Wednesday.

The rate also was down from 6.4 percent in September 2009.

The decline in the local unemployment rate was at least partly because of the start of the school year, said Bill Brockmiller, the state agency's regional labor market analyst in La Crosse. School employees returned to work, he said, and many college and high school students left the labor market to return to classes.

The local unemployment rate usually declines in September, Brockmiller said.

Unemployment rates for all 12 of Wisconsin's metropolitan areas declined in September from August and from a year ago. The statewide unemployment rate, not adjusted for seasonal factors, declined to 7 percent in September from 7.7 percent in August and 8 percent in September 2009.

The La Crosse area's September unemployment rate was the second-lowest among the 12 metropolitan areas. Only the Madison area had a lower rate at 5.1 percent. The Janesville area had the highest unemployment rate at 9.5 percent.

[Dr.Phool]

5. Until they revise it UP again (as always) next week.

[treestar]

6. Good October Surprise

[HughMoran]

8. 434,000 is going in the right direction

I hope this trend continues.