Weekly jobless claims plunge to 199,000, the lowest level in more than 50 years

[iemanja]

The number of Americans filing initial unemployment claims fell to 199,000 — the lowest level since November 1969 — the Labor Department reported Wednesday.

Claims were down more than 71,000 for the week that ended Nov. 20, compared with the week before. This marks the eighth straight week of declines and a pivotal shift, with claims now down well below pre-pandemic levels. In 2019, average weekly jobless claims hovered around 220,000.

It’s a stark contrast with this time last year, when around 700,000 claims were filed. It’s also a reflection of a tight labor market that has companies scrambling to retain and expand their workforces, and the number stands out in an economic landscape racked by the highest inflation in decades and a protracted supply chain crisis.

“It is fair to say we didn’t see that coming,” Mark Hamrick, senior economic analyst at Bankrate, said Wednesday in comments emailed to The Post. “Getting new claims below the 200,000 level for the first time since the pandemic began is truly significant, portraying further improvement.”

https://www.washingtonpost.com/business/2021/11/24/jobless-claims-pandemic/

I guess the economy isn't doing so badly after all.

[LetMyPeopleVote]

1. From the Hoarse Whisperer

Link to tweet

[iemanja]

12. . . .

[Yo_Mama_Been_Loggin]

2. Damn you Brandon

[targetpractice]

3. Am I missing something?...

All of the COVID related benefits and extensions have been exhausted. If you remain unemployed now (after some COVID related reason), you can't file a new claim if you've used all available State and Federal benefits, your claim would be denied. How are they accounting for that population of people that are not eligible to file a UI claim?

[Johnny2X2X]

5. This is a metric for newly unemployed people

Not people who've exhausted benefits or people who have been employed, this is first time filers by week Basically, less people lost their jobs last week than at anytime since 1969.

[targetpractice]

19. Okay.. Now things make sense...

I appreciate the explanation, Johnny2X2X.

[maxsolomon]

4. But Inflations!

The narrative is already written for 2022: Dems in Disarray, they didn't fix all of Trump's incompetence and sabotage in 11 months, so lets turn the reigns back over to the Nationalists.

Might be a good idea to get out there and crow about this...

[D_Master81]

7. Just like 2010

I always found it sickening that the American people put the GOP back in power after 2 years of Democratic control considering the collapse of the economy under Bush. So sorry Obama gave you health care.

[maxsolomon]

10. The Right Wing Noise Machine has a very loud drum to beat

And they've been pounding it from Jan 20th.

There is a sizeable chunk of the American Electorate that don't know their ass from a hole in the ground and have the memory of gnats. The polite term is "Swing Voter".

[madville]

13. This metric is meaningless to most people

If someone is struggling from paycheck to paycheck with their existing job or jobs, and seeing gas and grocery prices rising and their bank account shrinking, they don’t care about unemployment claims data.

Same for folks seeing the buying power of their social security checks destroyed by inflation and Medicare increases.

[maxsolomon]

14. Most facts are meaningless to most people. They are driven by emotion.

Pointing the finger of blame at Biden is a reptile-brain reaction, and it's utterly predictable.

[madville]

15. See how it works out if we dismiss inflation and try to tell

Voters everything is amazing. Almost as out of touch as some Democrat politicians this week tweeting pictures of some frozen turkeys at the grocery store and saying “What crisis?”

[leftstreet]

16. You're not wrong. But it's democratic, not democrat n/t

[madville]

25. Lol, I do that all the time inadvertently

I say we take it back and make it not a slur to call Democrat’s a “Democrat”. Most people that are hyper sensitive to it now came up listening to Rush Limbaugh say “Democrat Party” just to annoy Democrats, he’s gone now though.

[maxsolomon]

18. We are on a political discussion board.

I'm not suggesting that "Dismiss Inflation" should be the campaign message.

The pictures of turkeys were in response to overblown "supply chain crisis" rhetoric from the GQP, not the "inflation crisis", and the tweets likely did not reach the flibberdigibbets who blame Biden for gas prices and iNfLaTiOn.

But you knew that.

[madville]

24. Your title was "But Inflations!" Lol

That wasn’t dismissive? Lol

Snarky dismissive tweets from rich Democrats of full store shelves that are meant to dismiss concerns about the supply chain and inflation are sure to win over people that actually have to look at the prices they are paying and decide what they can’t afford that day. Again, tone deaf and out of touch

[Dawson Leery]

6. Best job growth since Democrats ran DC in the 1960's.

[Silent3]

8. I wonder if their will be big headlines about this without a "but" squeezed into them n/t

[iemanja]

11. the paragraph after those I quoted

contained a "but." Something to the effect of "it's not clear if President Biden is responsible for this." They had to get their dig in.

[gratuitous]

9. Get ready for the fly-specking

As the popular media subject this number to scrutiny that would make a voyeur blush. That is, if they deign to notice it at all. There will be a zillion reasons why this isn't good news, Biden had nothing to do with it, and let's talk about INFLATION! And did you see that gas prices are higher now than they were last year when the nation was locked down and oil was actually trading in negative numbers? A scandal, it is!

[Kingofalldems]

17. Kick and rec for Trump's secret pals.

[LetMyPeopleVote]

20. Pres. Biden releases statement on economic news-" This is a historic jobs recovery."

Link to tweet

[MineralMan]

21. Thanks, Joe! Another Victory.

I guess the Biden Administration is doing OK, eh? Despite the doom-and-gloom-sayers. Spread the word!

[Vinca]

22. Yet the right tells the loyal cult how horrible their lives are and they nod in agreement and

blame Biden. Democrats need to do some crowing - often and loud and on all networks.

[Hekate]

23. KnR

[Stuart G]

26. Good News...Thanks For Posting..

[Yo_Mama_Been_Loggin]

27. Guess Fux Noise will talk about Kyle Rittenhouse instead.