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Jobless Claims Below 400,000 Again (Maybe)

From a hope springs eternal Associated Press:

Applications for unemployment aid drop to 390,000

November 10, 2011

WASHINGTON (AP) — The number of people who applied for unemployment benefits last week fell to the lowest level since April, which suggests employers could be stepping up hiring.

The Labor Department says applications for unemployment benefits dropped to a seasonally adjusted 390,000, the third decline in four weeks

The downward trend in unemployment benefit applications suggests businesses are laying off fewer workers…

For the record, last week the AP triumphantly reported:

Fewer seek unemployment aid, hopeful sign for jobs

Fewer people seek unemployment benefits, a hopeful sign for struggling job market

Christopher S. Rugaber, AP Economics Writer
Thu, Nov 3, 2011

WASHINGTON (AP) — Fewer people applied for unemployment benefits last week, a hopeful sign that the job market might be picking up.

The Labor Department said Thursday that weekly applications dropped 9,000 to a seasonally adjusted 397,000, the lowest level in five weeks. It’s only the third time since April that applications have fallen below 400,000

Of course, last week’s numbers were revised up — just like they always are — from 397,000 to an even 400,000. (A detail the AP seldom if ever mentions.)

So last week’s number was not below the dreaded 400,000 claims, after all. And the AP’s joy last week was overstated. Just like it always is.

This article was posted by Steve on Thursday, November 10th, 2011. Comments are currently closed.

One Response to “Jobless Claims Below 400,000 Again (Maybe)”

  1. untrainable says:

    (They forgot to say) Unexpectedly.
    So, unexpected… again. Somehow that strikes me funny.

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