February 19, 2004
50-0:
>Jobless Claims Plummet on Better Weather (Tim Ahmann, 2/19/04, Reuters)
The number of Americans lining up for an initial week of jobless benefits took an unexpectedly sharp tumble last week from a level elevated by cold weather, a government report showed on Thursday.First-time claims for state unemployment aid dropped 24,000 to 344,000 in the week ended Feb. 14 from a revised 368,000 the previous week, the Labor Department said.
The drop was the largest since the week ended Nov. 1 and was greater than economist on Wall Street had expected. Markets had looked for claims to fall to 353,000 from the 363,000 originally reported for the prior week. [...]
Initial claims have been below the 400,000 level normally linked by economists to a strengthening jobs market for 20 straight weeks, but hiring has remained anemic.
One does not recall similar mention of the bad weather of December and January in recent headlines about disappointing job growth. Posted by Orrin Judd at February 19, 2004 9:38 AM
Well, I'm certain that Reuters thinks that only the hand of God could improve the American economy while George Bush is president. Though they probably wouldn't say it that way.
Posted by: Brandon at February 19, 2004 10:37 AMThe media, following the 1992 playbook, will continue to imply/report that the economy is in terrible shape. That's why a rising stock market, a declining unemployment rate, and monthly growth in payrolls will be needed to offset their spin.
On a related note historically weekly claims numbers in the 350K range have been consistent with monthly job growth of 100K+ (January's was +112K)