The Department of Labor has just released the latest report on weekly initial jobless claims and much to the shock of many economists, thing are actually looking up in terms of employment growth for the first time in a while.
Claims unexpectedly fell from 327,000 to 323,000 in just over a week. The week before that, jobless claims fell from 343,000 to 336,750.
This is the lowest amount of reported jobless claims since January of 2008.
Economists were expecting claims to rise to somewhere around 335,000.
Despite the evident unlikelihood of these decreases, the Department of Labor assured that no states estimated their jobless claims, so these numbers are 100% exact.
“Today’s jobless claims report is the most important release in what is a quiet week for U.S. data,” says High Frequency Economics’ Jim O’Sullivan. “While weekly readings can be erratic, the claims series remains a key momentum indicator for the labor market.”
Yes, you read that right. The United States currently has the lowest amount of reported unemployment since January of 2008. Regardless of how long it took to stage this recovery, this rampant job growth is a sure sign that the economy is unquestionably getting back on track.
People are finally working again, just like they used to.