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Home Publications Blogs Beat the Press Did You Hear the One About the 445,000 New Jobless Claims Last Week?

Did You Hear the One About the 445,000 New Jobless Claims Last Week?

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Friday, 14 January 2011 10:53

Yeah, well it's not really very funny, but you should have been able to read about the big jump in UI claims last week. These data are erratic, and it is only one week, but after a couple of weeks in which news outlets were eagerly touting lower claims numbers, to be consistent they should have given this jump some attention.

Claims had hit a low for the upturn of 391,000 in the week after Christmas before rising back to 410,000 last week. This was still good news compared to the 450,000 levels we had been seeing in the summer and early fall. After the last recession, the economy was not creating any jobs until weekly claims fell below 400,000. Certainly claims in the 450,000 range would not be consistent with robust jobs growth.

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written by izzatzo, January 14, 2011 1:24
Did you hear the one about the unemployed Austrian Economists? They weren't really unemployed after discovering they had been paid by pulled forward demand that wasn't really there, which meant they couldn't be looking for work as unemployed resources from the supply side which couldn't exist in the first place.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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