Economy Jobs

Jobless Claims Lowest Since Nearly 2005

via Bloomberg

Jobless claims declined by 1,000 to 287,000 in the week ended Oct. 4, a Labor Department report showed today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for 295,000. The four-week average, considered a less volatile measure, decreased to 287,750, the least since February 2006. [...]

Firings are hovering around the lowest in almost a decade as employers hang onto workers to meet rising demand.

There’s that magic word: demand.

This is not the work of supply side tomfoolery or tax cut magic. This is good ol’ demand.

It’s true that a significant number of people have exited the work force entirely, but it’s also true that these numbers are good even when taking that into account.