At long last the drop in new Weekly Initial Job Claims is significant. It was 384,000 in the week of July12, 2008. Since that week, claims have not been below 404,000 and been as high as 670,000. Finally last week’s claims fell to 383,000. This is VERY GOOD NEWS!
The U.S. labor market is gradually improving as the recovery gains momentum. Last year at this time I could roll a bowling ball through the local shopping mall (Westfield Topanga) and not hit anyone because most people were in fear of losing their jobs. Today the mall is moderately busy and seems busier every week.
Is the recession over? No! Unemployment in California was at 12.5% during December. We still have long way to go.
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