Jobless Claims Take a Tumble

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We got some tentatively good news today:

The number of people seeking new unemployment benefits in the U.S. fell last week to the lowest level since April 2008, a signal that the labor market is continuing the improvement than began late last year. Initial jobless claims fell by 50,000 to a seasonally adjusted 352,000 in the week ended Jan. 14, the Labor Department said Thursday. The decline was the largest in a single week since Sept. 24, 2005.

It’s only a single report, but it’s consistent with other improving economic news. If Europe can avoid a complete implosion, perhaps soon we will all be Smithians. The chart below, stolen from Steve Benen, shows the long-term trend.

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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