Jobless Claim Reduces, But Job Market Far From In The Green
July 8, 2010
U.S. (ChattahBox) – A report by MarketWatch has shown another fall in those claiming first time jobless benefit. But the decline isn’t nearly enough to show any marked improvement in the employment market.
Unemployment filings are still at more than 454,000, which is only 21,000 less than a month before. While this shows some change, it is more consistent with the up-and-down pattern that has been common since 2009.
In fact, this number matched those highs of December ’09, when the worry over the private sector jobs was reaching a peak. This is a worrying trend to continue, with economists saying this is a clear sign that the recession is far from over, despite assurances from the Treasury.
An email to MarketWatch from economist Ian Shepherdson of High Frequency Economics seemed to say it best:
“This is welcome news and we’d love to be able to say with confidence that it marks the start of a renewed downward trend, but we cannot. The next clean claims data won’t appear until early August, so until then we are inclined to ignore the numbers.”
As the claim would have to reduce another 54,000 or more before it shows an improvement for lasting change, that is good advise.
Perhaps some good news, however, is the fact that new jobs have been steadily created over the last year. Economic recovery plans have seemed to make a dent, and consumer spending has been on the rise.
Small comforts, but comforts, all the same