U.S. jobless claims plunge to lowest level since 1973

“Filings for unemployment benefits plunged last week to the lowest level since 1973,” Sho Chandra reports for Bloomberg.

“The latest period also encompasses the reporting week that the Labor Department surveys for its October employment figures,” Chandra reports. “Claims are at the lowest level in more than four decades, indicating employers have little desire to cut staffing levels amid a shortage of qualified workers.”

Chandra reports, “Four-week average of initial claims, a less-volatile measure than the weekly figure, dropped to 248,250 from 257,750.”

Read more in the full article here.

MacDailyNews Take: This certainly bodes very well for the economy in general and for makers of coveted goods, like Apple, in particular, going into the holiday shopping season.

It’s looking like a very Merry Christmas for Apple this year!

SEE ALSO:
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017

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61 Comments

    1. This is simply the continuation of a long term (8-year) trend. It is also the natural path of a country that had to pull itself out of the depths of a terrible recession. Therefore, neither Obama nor Trump can really take credit for the stock market rise (although Trump naturally tries to do so, anyway).

      It should also be noted that the rise in the stock market is not necessarily a good indicator of overall prosperity, particularly in the increasingly disparate socioeconomic conditions in the U.S. The wealthy are even wealthier and even more poor are poorer.

      Interestingly, the positive employment data has still not translated into significant wage increases. Wage stagnation is a serious issue in this country, and the lack of material increases in disposable income will eventually put the brakes on economic expansion. The promise of big corporate tax cuts is helping to maintain the bull market…for now.

      1. “Therefore, neither Obama nor Trump can really take credit for the stock market rise ”

        Right…….

        Obama inherited 7.8% jobs up from 5% a year early. A couple of months after Obama took office the stock market finally bottomed at around 6550 from a high of 14K. By the beginning of 2010 unemployed finally topped at 10K.

        When Obama left office the stock market was averaging around 18K the jobs rate was around 4.8%. In your mind Obama was just lucky being at the right place at the right time. Likewise, Bush was simply a victim of circumstances.

        Reality says otherwise.

      2. “It is also the natural path of a country that had to pull itself out of the depths of a terrible recession.”

        Yes, agree. This has NOTHING to do with 8 years of policies under the last president.

        This has more to do when the economy is at rock bottom because of the second greatest greatest recession in history. Nowhere to go except up. Duh?

        But what we have not seen overtly from the lamestream media is the invisible confidence in President Trump.

        What we have seen is economic positive numbers accelerating at a blistering pace — NEVER before seen in the LAST EIGHT YEARS … 👍🏻🇺🇸👍🏻🇺🇸👍🏻

        1. The momentum of the past 8 years is pushing/accelerating this market, not the inane policies of the past 9 months. If you release a snowball at the top of a mountain, it will suddenly accelerate farther down the slope as momentum increases.

            1. You can disagree all you want, Trump has done absolutely nothing to enhance America’s competitive position in the world. Show me an economy that has ever pivoted instantly as you suggest and i will show you a propagandist selling you lies you want to hear. As a fiscal conservative and social moderate, Trump has proven to be a huge turd.

              How can you even pretend anything is getting done in the current administration circus? Trump gets along with NOBODY. Another few months of White House daycare and then congress will be on the campaign trail, sucking up to their richest donors. Zero legislative accomplishments after years of telling you that the repubs had a plan. Next spring, Trump will be golfing, and GE will be shedding thousands of jobs. As people see that the Trump promises were a charade designed to push trickle down policies and to enrich oil companies, consumer confidence will erode. The real estate bubbles will pop, and ad agencies like facebook and google, among the high fliers fueling the Wall Street overconfidence, will come back to earth. iCal that.

    2. bjr001: It’s a lot about impression, intuition, attitude and, believe it or not, emotion. Consumer CONFIDENCE Index is up markedly since his election. Stock market went from the basement the day after the election to boom, boom, boom today. This article is about positive jobs numbers. This translates to personal economic health(people are working and being productive), as well as a lessened welfare dole )better macro economics). To not at least curiously associate these factors to Trump to me is a sign of bias-lock. To say is absolutely because of Trump is bias lock as well. But since economics isn’t empirical, one is left to fortify opinion based on “coincidental” markers/signs and they favor the current person in office.

    3. As of late July, President Trump has overseen a total of 860 regulatory actions since he took office in late January and the number of effective “economically significant” regulations estimated to have a negative annual economic impact of $100 million or more has fallen to 58 – half of what it was in the fall of 2016.

      July 2017, six months into President Trump’s first term: U.S. consumer confidence shows Americans upbeat on jobs, economy

        1. I am not happy with how the US handled the 2008 economic crisis and it was not all Obama. The Fed wrote more and bigger checks than anyone and did it without the consent of the American people or of Congress.

    4. The direction the economy takes has a LOT to do with psychology. If people believe that things are getting better, then there’s more investment and spending. The economy is NOT rational- it’s controlled by emotions. Trump, for better or for worse, is very good a persuading people that things are going to be better- and that persuasion can have a major impact on the economy.

  1. ““Filings for unemployment benefits plunged last week to the lowest level since 1973,” ”

    WOW one week. Oh yea, those jobs lost directly in a federally declared disaster area such as Hurricane Harvey, Irma and Maria qualify for Disaster Unemployment Benefits.

    1. Jobs LOST in a hurricane?

      You mean like carpentry, plumbing, drywall, roofing, furniture sales, grocery, clothing, car repairs, healthcare, et al.

      Lost? Gee, I thought jobs ALWAYS INCREASED after a disaster and not LOST forever, hence the lowest numbers since 1973.

      I know you and your ilk (Melvin’s favorite disparaging word) will NEVER give credit to anyone except liberal Democrats. That’s all this is, more pettiness searching for a scintilla of mockery from your self destructive party.

      Knock yourself out …

  2. LOL

    Yes, Donald should be applauding and thanking Obama for the economy he inherited.

    Thank you President Obama.

    Let’s hope the Donald doesn’t ruin everything next year once his policies have time to kick in.

      1. Good riddance. Now watch as Bannon destroys the Republican Party. What comes next needs to be a system that doesn’t cater to gridlock and animosity. Let’s have some cooperation to solve problems instead of corporate donors occupying your representatives’ every waking hour.

    1. Also, many thanks to Obama for defeating ISIS in nine months, reducing illegal immigration by 80%, appointing a great successor to Scalia and proposing much needed tax reform.

      Thank you, Barry!!!

  3. But nearly 42 million people are still on food stamps in the US and the majority working more than one job to get by.

    These jobless figures are totaly manipulated to make things look good

    1. “USDA statistics on Supplemental Nutrition Assistance Program (SNAP) participation showed that 42,609,852 people in the U.S. took part in the food stamp program in fiscal year (FY) 2017, the lowest level it has been since 2010 when 40,302,000 people enrolled in the program.”

      1. So 1 in every 4 people needs help with feeding themselves or their familes in the US. This is nothing to be proud of its really bad!!!

        Plus $20 Trillion in debt is astounding

        1. What it means is this, dolt: Since Trump’s election, people are becoming more prosperous, independent and secure, and less dependent on the Plantation Party’s only “selling point” left: the gubbmint tit.

          1. Erm more people are not becoming prosperous, you might want to check your figures. The Rich are getting richer and the poor even more poor. The world currently 1% of the worlds population has 40% of the worlds wealth!!!

            The figures are fake and manipulated, to make things look good. All was also great in 2007-2008 and look what happened then.

          2. Watch Trump pre election speeches about how the Stock Market is a bubble.

            No hes changed his wording but, we are in a stock market bubble still nothing has changed its 2008 all over again

            1. ..and all the fake downvotes and all the Soros billions won’t matter.

              The bottom line: you STILL have to be elected, and no one will vote for you.

              the jig is up.

            2. Sorry botty, were you trying to make a point? You stated nothing. Too much trump penis to chew? Perhaps because you’re a russian troll and facts are inconvenient when you can just make a fool of yourself airing your looney version of your narrow minded self centered little world.

            3. Botty can certainly take care of himself. You are not a REALIST. You are just another garden variety libtard OUT OF POWER and can’t handle it …

  4. Almost as fake figures as to why the stock markets so high, the Central Banks the Fed, ECB and bank of Japan have been using QE to print money and buy stocks and bonds to artificially keep it high.

  5. So jobless figures are down but US Debt is at $20 Trillion not including pension and health liabilities, total is probably $37 Trillion.

    The GDP of the world is $79 Trillion

    Tax revenue stands at $3 Triillion of which $500 billion is interest payments.

  6. Unemployment filings is only a small part of the unemployment record. It doesn’t take an account of those people that gave up looking for jobs or people that just went into business for themselves. Not to mention those people working under the table for cash. Still I would like to see unemployment statistics displayed as jobs available per unemployed filings per state.

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