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Thursday, October 16, 2003
Reading comprehension
I see Andy Sullivan has taken a moment out of his obsession over the word "imminent" to comment:
BAD DAY FOR KRUGMAN: More people are getting jobs.
From the linked article:
First-time filings for state unemployment aid fell 4,000 last week to 384,000 from the previous week. The number was broadly in line with analysts' expectations that claims would be 388,000.
"The jobless numbers were certainly encouraging. We got a decline and it suggests that the labor market is recovering," said Parul Jain, Nomura Securities International.
It was the second week in a row that claims came in under 400,000. Economists say claims above 400,000 suggest a deteriorating jobs market.
The drop also brought a decline in the closely watched four-week moving average of initial filings, seen as more reliable because it irons out weekly fluctuations.
The department said the average fell 4,250 to 390,750, also the lowest since early February.
While the report suggested layoffs are slowing, it also showed unemployed workers are still having a tough time finding new jobs. For the week ended Oct. 4, the number of Americans claiming benefits after filing an initial claim climbed 58,000 to 3.67 million.
The labor market has lagged other areas of the economy. But recent reports have been encouraging for job seekers. In September, the economy created 57,000 new jobs, the first increase in eight months.
Just for fun, using the 3.67 million figure and dividing it by the 57,000 new jobs created per month, they should all find jobs in about, oh, 64 months. Or just a little over a year into Dean's second term or Hillary's first.
Oh, sure, the math isn't perfect, and it leaves out about a thousand variables, but it's good enough for the Fox News crowd.
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