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Thursday, March 22, 2012

Politics / Economy Jobless Claims Drop to 4-Year Low

Posted by Goldy on Thu, Mar 22, 2012 at 8:36 AM

Yet more bad economic news. If you're a Republican.

Jobless claims decreased by 5,000 to 348,000 in the week ended March 17, the fewest since February 2008, Labor Department figures showed today in Washington. The median forecast of 46 economists in a Bloomberg News survey projected 350,000. The number of people on unemployment benefit rolls and those getting extended payments also fell.

Dismissals have been waning and reports show companies are becoming more willing to expand workforces amid evidence sales are improving. Employment growth will help spur consumer spending, which accounts for about 70 percent of the economy.

It's a vicious cycle. Employment growth spurs consumer spending, which spurs more employment as companies seek to keep up with demand. But, you know, keep pushing austerity, GOPers.

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Ironically gas prices will also rise as the economy takes off. Increased demand over supply. As manufacturing goes up there is an increase in the need for more energy. As people go back to work they are driving more. Economics 101, but they just don't get that free market concept!

Posted by kmq1 on March 22, 2012 at 8:48 AM

@1: Though rising fuel economies have been reducing US demand for gasoline, even as the economy has started to recover. Thus rising fuel prices have less impact, as more drivers are getting more miles per gallon.

Posted by Goldy on March 22, 2012 at 9:05 AM

That cycle's virtuous, not vicious. Except for Mitt, of course.

Posted by gloomy gus on March 22, 2012 at 9:07 AM

Paul Ryan is doing all he can to sabotage the recovery.

Posted by Vince on March 22, 2012 at 9:08 AM

Sounds like we're headed towards the good old days of Bush...back before 2006 when the Democrats came in and crashed the economy.

Posted by Supreme Ruler Of The Universe

on March 22, 2012 at 9:26 AM

WARNING: TROLL BAIT @5

Posted by Urgutha Forka on March 22, 2012 at 9:34 AM

@5

Of course! That's why the mortgage firm I worked for right up until the first quarter of 2006 went under! Because they were anticipating a Democratic sweep of congress that fall and the subsequent tanking of the economy at their hands! It's all so clear now...

Posted by LEE. on March 22, 2012 at 9:46 AM

Let's keep some perspective on this. The jobs being created are paying lower wages and fewer hours than they were a few years ago. And this has been the trend for nearly a generation.

Yeah, it's "good" news but it isn't a fundamental shift in the long term economic outlook for the US. The trend is every recovery produces jobs that pay less than the recovery before it. It's all part of the joy of trickle down economics.

Politically it's great news for Obama but for people who have to work and don't hang out with the 1% like ALL of our political leaders so...it's nice but that's about it. Your're still going to get fucked with a chainsaw in the end.

Posted by Cato the Younger Younger on March 22, 2012 at 9:48 AM

You forget for the moment Godly, that rising fuel prices are affecting everything we buy that is trucked in. Scant fuel economy for diesel big rigs.

Posted by Phoebe in Wallingford on March 22, 2012 at 9:51 AM

OMG, now he's become suzerain and is not just Goldy, but Godly.

FACT: The US is an energy exporter, INCLUDING IN OIL.

Stick that in your out of date wiki and smoke it.

Posted by Will in Seattle