More Good News on the Economy

Posted on February 16, 2012 at 1:26 pm by Bob Cesca

The light at the end of the tunnel gets brighter — and no sign of artificially inflated bubbles fueling it, which means there’s a potential for sustained growth.

NEW YORK (TheStreet) — Claims for jobless benefits fell to their lowest level in four years, according to a Labor Department report.

The data, along with stronger than expected reports of hiring in January from ADP and the Labor Department payrolls report signals that the U.S. job market is picking up the steam needed to push the unemployment rate below 8%.

Applications by workers seeking unemployment insurance payments fell by 13,000 in the week ended Feb. 11 to 348,000, putting overall claims far less than estimates of 365,000, according to economist forecasts compiled by Bloomberg.

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  • drsquid

    We’re past the tipping point with that number where jobs should be created instead of lost – I’m predicting 7% unemployment by October.

  • Ned F

    When the world came to a bubble popping, screeching halt in 2008, and I bitched about Bush financial policy, the Republicans I know would state with authority, ” The President, ( i.e. no President) is or can be responsible for the economy.” OK, there’s some truth in that, but I let it go. A year later, the President is now personally responsible for the near depression, according to the same Repubs. Now after steady growth and an improving economy, the President is no longer responsible for the economy again.

    • muselet

      The goalposts have been fitted with wheels to make them easier to move.

      –alopecia