The claims for unemployment benefits fell more than expected last week. The speculated reason for this “good news” is that there is “some traction in the labor market recovery”. What was not reported was that last Monday was a federal holiday (Presidents’ Day) and all offices were closed. How will we know when a recovery actually is occurring? When the news reports the number of new jobs created instead of the number of unemployment claims filed without manipulating the labor force.
The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting some traction in the labor market recovery.
Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 344,000, the Labor Department said on Thursday. The prior week’s claims figure was revised to show 4,000 more applications received than previously reported.