U.S. Jobless Claims Drop to Lowest Level Since 2008

Good news for 2010: "Fewer Americans than anticipated filed claims for unemployment benefits last week, pointing to an improvement in the labor market that will help sustain economic growth next year. "

"Initial jobless claims fell by 22,000 to 432,000 in the week ended Dec. 26, the lowest level since July 2008, Labor Department figures showed today in Washington."

"It’s boding well for outright job growth. It seems that some of the layoffs that took place in the early part of the year were excessive," said Stephen Gallagher, chief U.S. economist at Societe Generale in New York.

Jeffrey Joerres, chief executive officer of Manpower Inc. says, "What we’ve seen is definite stability and just a hint toward things trying to get better." He goes on to say "The world’s second-largest provider of temporary workers, is experiencing 'slow but steady increases in people who are out on assignment,” he said. “It’s a little in every office, which is a good sign because it’s broad-based.'"

"Twenty-seven states and territories reported a decrease in claims, while 26 reported an increase. These data are reported with a one-week lag."


Hopefully this means that the new year will be a better year for all. Kind of sucks that the layoffs earlier in the year may have been "excessive"...

Hope you all have a safe and happy New Year! =]

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-Annie Yang