The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.

Thursday, July 23, 2015

AddictingInfo: Obama's Improving Economy (Jobless Claims)

THANKS OBAMA: Jobless Claims Fall To Lowest Level Since 1973

AUTHOR JULY 23, 2015 2:45 PM

In what can only be seen as tremendous news for the job market as well as job stability, the latest U.S. weekly jobs report released Thursday has jobless claims dropping to their lowest rate in over four decades — 1973, to be precise.

The Labor Department announced that unemployment benefits have gone down by 26,000 to 255,000.

This rate of declining jobless claims is an ongoing pattern since President Obama took office in early 2009.

via Bloomberg
via Bloomberg

Economists are now saying that since jobless claims have been below 300,000 since March it is a clear sign of an improved job market.

Not only that, but payrolls have also increased. According to Bloomberg:

“Hiring has been strong, Labor Department figures showed on July 2. Payrolls increased by 223,000 in June following a 254,000 gain the prior month.”

According to GM’s U.S. vice president of sales operations, Kurt McNeil:

“We just wrapped up the U.S. auto industry’s best six months in a decade. People feel good about their jobs and the direction the economy as a whole is taking, so the second half of the year should be strong, too.”
What this new jobless claim announcement also means is that workers are not being fired. According Russell Price, a senior economist at Ameriprise Financial Inc.:

“Companies are holding on to employees because they’re needed not just to satisfy current demand but also for growth initiative. It’s yet another sign we’re likely to see solid economic expansion in the second half.”
Basically, things are good and they’re only going to get better.

And in case you didn’t notice, jobless claims being at their lowest since 1973 means that, yes, it’s better than when President Reagan was in office.

So, to all the naysayers out there who slam President Obama and the Democrats, what they set in motion upon coming into power in early 2009 has proven quite effective over the long-term. We need to keep this pattern of growth going, and when looking forward to the next election, keep in mind who actually put us in the recession, and who got us out and continue to help us grow.

Featured image via White House (flickr)

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