New weekly jobless claims fall to lowest level since January
New jobless claims filed last week fell 12,000 from the previous week, from 514,000 to 502,000, a number that came in lower than forecasters expected and gave hope to those who believe that unemployment is peaking.
Continuing claims by the unemployed last week fell from 5.77 million to 5.66 million.
The four-week moving average of weekly claims fell 4,500 to 519,750, the lowest number since November of last year.
The official U.S. unemployment rate is 10.2 percent, up from 9.8 percent in September. Though new weekly jobless claims are down from the 600,000 to 700,000 range we saw during the height of the recession, the job growth won't begin until the new weekly jobless claims number falls into the 400,000s.
In his daily letter to investors this morning, Dennis Gartman wrote that "the trend since the peak earlier this spring has been steadily downward," adding that "the worst clearly is now behind us. Of that we are certain."
-- Frank Ahrens
Sign up to get The Ticker on Twitter
By
Frank Ahrens
|
November 12, 2009; 8:45 AM ET
Categories:
The Ticker
| Tags: Dennis Gartman, jobless claims
Save & Share:
Previous: Unemployment among young veterans much higher than the national average
Next: Stocks open up following unemployment news
Posted by: laurelphoto | November 12, 2009 9:58 AM | Report abuse
I wish the government, wall street and economists would quit trying to convince us that the economy is getting better.
It's only getting worse.
Posted by: riain | November 12, 2009 10:06 AM | Report abuse
Gee, only half a million.
What a great economy Odumbo and his band of incompetents have created.
All you unemployed who voted for this leftist slug enjoying the change he is bringing?
Posted by: LarryG62 | November 12, 2009 10:32 AM | Report abuse
Obama's report card on all subjects: F
Just like the old days at Occidental College and Columbia.
Posted by: Jerzy | November 12, 2009 10:41 AM | Report abuse
Is this a joke? Another half a million file for benefits and this is an inprovement? The President's new Jobs Summit is the opening for another trillion dollar "borrow from China" pork belly stimulus that is the equivelent of flushing money down a toilet. I can't wait for the 2010 elections. Time to add members of Congress to the unemployment line.
Posted by: Alangc2 | November 12, 2009 10:55 AM | Report abuse
Perhaps Obama should fix the problem by encouraging reckless lending practices and mass consumption to bring back the artificial jobs of the past. That way people can put their heads back in the sand. We definately need to cut veteran benefits, stop health care reform,and reduce spending on education, so there is more money for defense progams, WMD's and nation building in Afganistan and Iraq.
Posted by: Jon9 | November 12, 2009 12:39 PM | Report abuse
Jon9
"Perhaps Obama should fix the problem by encouraging reckless lending practices"
You mean like when Democrats demanded laxer lending standards for poor people?
Posted by: bobmoses | November 12, 2009 1:18 PM | Report abuse
depression obama--its why YOU can NOT get a job
because there are
6 americans looking for a job
for every 1 job opening
due to socialism obama
depression obama--its why YOU can NOT find a job
Posted by: ProCounsel | November 12, 2009 1:43 PM | Report abuse
Folks, I'm a Republican, but I don't think this is about President Obama. WE - AS CONSUMERS - need to stop buying foreign products like gangbusters. It's poison to our own economy. Next time you step up to the register, put back the stuff that says "Made in China." Simple as that.
Posted by: pwel | November 12, 2009 11:11 PM | Report abuse
The comments to this entry are closed.
Gee, with 16,000,000.00 fewer American Taxpayers working, there are 16 Million fewer jobs to be lost now. So the jobless rate declined. However the total of the UNEMPLOYED still INCREASED. AND THE NUMBER OF THE UNDEREMPLOYED HAS NOT FALLEN. The number of elderly forced into taking early retirement at reduced Social Security payments for the rest of theeir lives has INCREASES AGAIN.
Which means that there are fewer CONSUMERS with paychecks to pull this US Economy out of recession.