Jobless Claims At Their Lowest Since Mid-2008

weekly jobless claims economy

The number of Americans filing new claims for unemployment aid fell last week to nearly its lowest level in 4½ years, a sign that the labor market is healing.

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 350,000, the Labor Department said on Thursday. The prior week's figure was revised to show 1,000 more applications than previously reported.

After spiking in the wake of Superstorm Sandy, which ravaged the East Coast in late October, the weekly levels of new claims have now dropped to their lowest levels since the early days of the 2007-09 recession. The four-week moving average fell 11,250 last week to 356,750, the lowest since March 2008.

That suggests the surge in layoffs since the recession may have run its course, although companies still are adding to their payrolls at a lackluster pace.

The report included a caveat, at least for the latest week. President Barack Obama declared Monday a holiday for federal workers and many state offices followed suit and were unable to provide complete data for last week's jobless claims. Data for 19 states was estimated, a Labor Department official said. Fourteen of those states submitted their own estimates, which tend to be fairly accurate because the state officials work with a significant amount of data, the Labor Department official said.

Besides the federal holiday, there were no special factors influencing week's claims data, the department official said.

(Reporting by Jason Lange; Editing by Neil Stempleman)

Don't Miss: Companies Hiring Now

More From AOL Jobs

Looking for a job? Click here to get started.

Add a Comment

*0 / 3000 Character Maximum


Filter by:

By which count? How about all the people that quit looking for jobs? Where are they counted? Nowhere! Wait a couple of months and see the affedcts of ObamaCare. It means less jobs, shorter hours for many employees and smaller pay checks.. And with all the new taxes, I mean really smaller paychecks.

January 03 2013 at 2:24 PM Report abuse rate up rate down Reply

150,000 jobs a month and 247,000 people entering the job market each month. This is good news? When will the government and media stop trying to con people.

January 03 2013 at 1:07 PM Report abuse rate up rate down Reply

Not only are this weeks figures wrong 372,000 vs the articles 350,000 but last last week's figures were revised upward by 12,000 not 1,000 as stated in the article. Article and conclusions are worthless...but then it's only intended to make you feel better about the misery.

January 03 2013 at 1:02 PM Report abuse -1 rate up rate down Reply

Huh-Huh! Come to California (specifically Central Valley) and tell that to the towns and cities from Bakersfield in the south to Sacramento in the north. What a joke!

January 03 2013 at 12:40 PM Report abuse -1 rate up rate down Reply

Where I live people keep loosing there jobs ,may be they are working in N.Y. city but not the rest of the state . Its hard to trust washington, they make laws for we the people but not for them.

January 03 2013 at 11:49 AM Report abuse -1 rate up rate down Reply

I wonder how many of the people who have "dropped out" of the job market have found that it really doesn't take 2 paychecks to survive. Now, I'm talking about families who were told for years that both mom and dad had to be working to make it. Well, think about this. Let's take a $35,000/year job. First there's FICA taxes taken out, then income tax rates are higher on 2 incomes, then the childcare costs - about $5,200 per child in our area. Then you have the need for extra clothes, transportation expenses, lunch expense, etc., etc. After all these expenses, how much is really left for the family to spend -- not much. As an HR Mgr, I had employees resign to stay home and/or get a part time job, when they found they really weren't netting that much extra for the family -- and the stresses put on the family. POSSIBLY, some families have found that the extra job didn't provide as much as expected -- and one parent can stay home. Therefore, they have stopped looking for work. I realize this is not true in all cases - especially for single parent families.

January 03 2013 at 11:02 AM Report abuse rate up rate down Reply

Sorry, the article was wrong. 19 states were estimated, which is now being corrected. Actual numbers went up by 10,000 to 372,000. You libs will believe anything...

January 03 2013 at 10:35 AM Report abuse +1 rate up rate down Reply

The Republians don't understand the TRUTH....I guess they watched to much Fox News....Romney did win Ohio....Right?

January 03 2013 at 10:07 AM Report abuse +1 rate up rate down Reply

Every one who could apply has. We have no one left to apply, I guess that might be good news.

January 03 2013 at 10:06 AM Report abuse -1 rate up rate down Reply

I love when you Republicans root for higher unemployment?? You rooted for War in Iraq?? The Trillion dollar blunder$$$$$$$$$$

January 03 2013 at 9:21 AM Report abuse +1 rate up rate down Reply

Search Articles

Picks From the Web