Unemployment Claims Fall Again, But Slowly

If you’re watching the economy–and your own future–here’s the information on the best barometer. 
WASHINGTON — New claims for US unemployment benefits fell to 453,000 for the week ending May 29, according to government data published this morning, in the latest sign of a slowly improving job market.  Claims fell by 10,000 in the week ending May 29 from the previous week’s downwardly revised figure of 463,000, the Labor Department said.Most analysts had expected claims to fall to 450,000.  Whatever, it’s clear that the labor market will be healing rather slowly.  This long, slow recovery is reason to stay personally watchful.  Watch your company’s strategy results.  Pay attention to your company’s basic financials.  Above all, pay attention to what’s happening in your industry and especially your chief competitors.  With this information you can make decisions about your future and especially the kind of learning for your toolkit that will be best.Once again, here’s Mark Zandi’s astute analysis:  Only when claims head down to 400,000 will the economy be creating enough jobs to maintain stable unemployment.  Closer to 350,000 will lower the unemployment rate and mean that the recovery is evolving into an expansion.  When we get to initial weekly unemployment claims of 300,000, boom times are back.Although there are numerous economists and pundits vying for attention, two have the track record as the best predictors: Mark Zandi and Larry Summers.  Periodically, if I fail to see comments on the economy from them I do a quick search to check to see whether they have new insights.  In today’s world you really need to keep up unless, that is, you want to end up on the streets.  Obviously, BP is not helping the situation. 
Link to original post


Leave a Reply