The Labor Department's weekly report on first-time jobless claims has made for some pretty grim reading these past three years. Last week's findings mark a turning point--finally, the recovery is actually recovering things.
Those things would be jobs. They're getting easier to find and not as tough to keep. The seasonally-adjusted figure of 368,000 new jobless claims represented the "lowest level in more than 2-1/2 years," beating the Reuters forecast by 30,000 claims. More important, per Reuters, is the fact new jobless claims "have now held below the 400,000 threshold for a second straight week. Anything below the 400,000 benchmark is "widely viewed as signalling strong jobs growth" with economists anticipating it will be "only a matter of time before this [job growth] reflected in the payrolls numbers."
Even Wall Street seems to be buying this as the turnaround's turning point. The futures market enjoyed a "bullish open" Thursday. Treasury prices also declined with yields rising, writes The Wall Street Journal's Bradley Davis. Before the data was released, the benchmark 10-year Treasury note "yielded 3.488%." After the announcement, the "price was down 16/32 to yield 3.531%."
Business Insider's Joe Weisenthal concedes the findings might seem "pretty minor" compared to the new unemployment data due out tomorrow. But there's no arguing that "the trend is good."
This article is from the archive of our partner The Wire.