The Economy Only Lost 457,000 Jobs Last Week
It’s the recovery summer!
WASHINGTON – New jobless claims fell last week for the third time in four weeks but remain elevated.
The Labor Department said Thursday that first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000.Claims have fluctuated this month because of temporary seasonal factors. General Motors and other manufacturers skipped their traditional summer shutdowns, which led to fewer layoffs and unemployment claims. But the impact of that distortion has largely faded from the data, a Labor Department analyst said.
The four-week average of claims, which smooths fluctuations, dropped to 452,500, the lowest level since May.
That suggests layoffs may be easing. Still, claims at that level indicate the job market is still weak and employers are reluctant to hire.
Every time these new weekly reports come out the media reports them as if we’re on the cusp of recovery. The problem is that every week we still lose a few hundred more jobs.
The unemployment rolls continue to swell. The economy continues to stagnate. There is no recovery. And there won’t be recovery until we do away with this idea that government spending in the name of economic stimulus is a legitimate way to grow the economy.
By the way, foreclosures were up in 75% of the nation’s major metro areas.
Tags: Economy, jobs, unemployment
