U.S. Jobless Claims Fall Sharply
The number of people seeking unemployment benefits for the first time plummeted last week to 352,000, the fewest since April 2008, the Labor Department said Thursday. The decline added to evidence that the job market is strengthening.
Weekly applications fell by 50,000, the biggest drop in the seasonally adjusted figure in more than six years. The four-week average, which smooths out fluctuations, dropped to 379,000. That was the second-lowest such figure in more than three years.
Evidence that the job market is strengthening, or evidence that we are closer to bottoming out? I really don’t see why so many articles use unemployment benefit applications as a barometer for the job market. They never seem to take into account all of the people that have exhausted their benefits and are still unemployed, nor do they mention all of the self-employed people that have no work and are not eligible for unemployment.
These kind of articles promote a false sense of optimism and nothing else. Once you exhaust your benefits, you become a non-entity in relation to the economic health of the nation.