This news is like putting lipstick on a pig.Jobless claims plunge to four-year low Claims fall 30,000 to 339,000, well below expectations
WASHINGTON (MarketWatch) The number of U.S. workers who filed new applications for unemployment benefits dropped sharply by 30,000 last week to 339,000, the lowest level in more than four years, the Labor Department reported Thursday.
Economists polled by MarketWatch had expected initial claims in the week of Oct. 6 to rise 1,000 to a seasonally adjusted 368,000. Last weeks number was revised up by 2,000 to 369,000.
The four-week average of new claims, meanwhile, dropped 11,500 to 364,000, the lowest level since late March. The moving average is considered a more accurate barometer of employment trends because it smooths out quirks in the weekly data.
Wow. A crumb. But hardly a meal for the 25 million economically-starving Americans unemployed or underemployed.
In other news:
"Even so, hiring must be stronger to bring relief to the more than 12 million people who are unemployed. Roughly 100,000 new jobs are needed each month to keep up with the working-age population.
Another report Wednesday suggested hiring will likely remain modest. Employers posted slightly fewer open jobs in August compared with July, the Labor Department said. It was the second straight monthly drop and the fewest openings since April.
A key problem is the economy is not growing fast enough to generate much hiring. Growth slowed to a tepid annual rate of 1.3 percent in the April-June quarter, down from 2 percent in the previous quarter. Most economists see growth staying at or below 2 percent in the second half of the year."
Obama is an under skilled, incompetent president incapable of improving the state of America's perpetually high unemployment and stagnant economy.