Weekly Jobless Claims Fall to 27-Month Low

Mark J. Perry submits: The Department of Labor reported today that the four-week average of initial unemployment claims fell to 427,500 for the week ending December 4, which is the lowest level since the first week of August 2008, more than two years ago (see chart above). The number of workers continuing to receive jobless benefits fell to 4,226,000 on a four-week average basis for the week ending November 27, the lowest level for that count since early December 2008. The drop in claims was the fifth consecutive weekly decline in the four-week average, which has also declined in 7 out of the last 8 weeks, and 13 out of the last 15 weeks, so the trend in jobless claims is definitely on a downward path as the labor market gradually recovers. Complete Story »