New jobless claims fall to 253,000 (Lowest level since 1973). Exactly how low can they go?

In yet further confirmation of labor market strength, initial jobless claims fell a very sizable 13,000 in the April 9 week to 253,000. This matches the March 5 week for the lowest level since 1973 (a time when the size of the labor market was much smaller). The 4-week average shows less improvement, down only 1,500 to a 265,000 level that is slightly higher than the month-ago comparison and isn't pointing to new gains for the April employment report.

Continuing claims fell 18,000 in lagging data for the April 2 week to 2.171 million, a cycle low last matched in October last year. The 4-week average is down 10,000 at 2.178 million which is about 40,000 below the month-ago comparison and which does point to improvement. The unemployment rate for insured workers is unchanged at a very low 1.6 percent.

There are no special factors in today's report but there may be one in next week's report, that is the Verizon strike of 40,000 workers. Note that next week's reporting week for initial claims will be the April 16 week which is the sample week for the monthly employment report. Verizon aside, lack of unemployment is pointing to convincing strength for the labor market.

Bob wrote:This is awesome news and proof that President Obama has made the economy thrive again.

And as far as "how far can they go"?   I think unemployment could go to zero as long as President Obama is in office.
If a republican gets the White House we will no doubt see another recession and 10% unemployment again.

boards of FL wrote:

Bob wrote:This is awesome news and proof that President Obama has made the economy thrive again.

And as far as "how far can they go"?   I think unemployment could go to zero as long as President Obama is in office.
If a republican gets the White House we will no doubt see another recession and 10% unemployment again.

You may think that you're making a point here, and you are.  

It's not the point that you think you're making though.

othershoe1030 wrote:Bob's tongue in cheek comments are so funny! I love his current avatar but remember with delight the old "guy on a toilet" avatar from a few years back, perhaps from the PNJ forum?

boards of FL wrote:These numbers are particularly amazing when you consider the fact that the US population in 1973 was 211 million.  Today it stands at 318 million.

In spite of the fact that we now have an additional 107 million people in the US, the number of people filing for new unemployment claims today mirrors that of 1973.

Bob wrote:And the best news of all is how all these jobs President Obama is creating are such good paying jobs which are bringing so many people out of poverty.

boards of FL wrote:

Bob wrote:And the best news of all is how all these jobs President Obama is creating are such good paying jobs which are bringing so many people out of poverty.

Wrong.  We have seen a gross redistribution of wealth and income steadily take hold over the last 30 years.  Wages for the middle class are stagnant while they are skyrocketing for the 1%.  

The democratic party is the only party that recognizes this as a problem.

Bob wrote:Mainly because in past threads you proved that our country has had no decline in manufacturing jobs since World War 2.

Salinsky wrote:

Bob wrote:Mainly because in past threads you proved that our country has had no decline in manufacturing jobs since World War 2.

Bob wrote:

Salinsky wrote:

Bob wrote:Mainly because in past threads you proved that our country has had no decline in manufacturing jobs since World War 2.

Was there something incorrect about my comment?  Has bds not told us that?

Bob wrote:

boards of FL wrote:

Bob wrote:And the best news of all is how all these jobs President Obama is creating are such good paying jobs which are bringing so many people out of poverty.

Wrong.  We have seen a gross redistribution of wealth and income steadily take hold over the last 30 years.  Wages for the middle class are stagnant while they are skyrocketing for the 1%.  

The democratic party is the only party that recognizes this as a problem.

I'm surprised to hear that.  Mainly because in past threads you proved that our country has had no decline in manufacturing jobs since World War 2.
I would expect all those manufacturing jobs to be providing good wages.

boards of FL wrote:

Bob wrote:

boards of FL wrote:

Bob wrote:And the best news of all is how all these jobs President Obama is creating are such good paying jobs which are bringing so many people out of poverty.

Wrong.  We have seen a gross redistribution of wealth and income steadily take hold over the last 30 years.  Wages for the middle class are stagnant while they are skyrocketing for the 1%.  

The democratic party is the only party that recognizes this as a problem.

I'm surprised to hear that.  Mainly because in past threads you proved that our country has had no decline in manufacturing jobs since World War 2.
I would expect all those manufacturing jobs to be providing good wages.

For about the millionth time, I said that manufacturing jobs as a percentage of the entire workforce have been on the decline for the last 60 years.