Reports: Jobless Claims Close to Pre-Recession Levels

Watchers hopeful for full economic rebound

(Image: Thinkstock)

(Image: Thinkstock)

According to reports, jobless claims are now near pre-recession levels. The Labor Dept reported that initial claims for state unemployment benefits increased by 2,000 to a seasonally adjusted 304,000 for the week ending April 12, and numbers stayed close to a 6 1/2-year low the prior week.

Data covered the survey week for April nonfarm payrolls. According to Reuters, “despite last week’s increase, claims were down 19,000 between the March and April survey periods, which suggests an acceleration in job growth.”

Janet Yellen, Federal Reserve Chair, told reporters that the economy was making “very meaningful progress.” She also said there is possibility that it would be back to almost full employment by the end of 2016.

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  • BenVeritas

    Because there’s no one left to lay off. During the Recession employers over-reacted by laying off far more than necessary. So there isn’t much “slack” in the layoff department. But there’s tons of slack in the hiring department, with employers slow to bring people back. It’s been 6 years since the Recession and we have only now reached a point where we re-created as many jobs to offset those lost. But here’s the AWFUL news. The jobs that were lost were jobs with middle class wages and the jobs replacing them are typically low wage jobs that do require a BA. To make things worse, we have added millions of people to the labor market (i.e., new graduates) which is why analysts are saying that at this rate it won’t be until 2017 that we truly reach pre-Recession levels. And then there is the problem with who is being hired. 40% of the people who lost their jobs during the Recession are still out of work, as employers are filling most of their new vacancies with people who already have jobs meaning these are people who in some cases are taking multiple part-time jobs to make ends meet and in other cases, where we ARE dealing with a middle class wage job, these are people who were already employed elsewhere.