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BY BLAKE HANSON
Not out of the woods yet, but it was at least reassuring news Thursday as jobless claims fell to a 7-month low. MSNBC has more...
“We’re watching initial jobless claims that came out this morning at a seven-month low, down 5,000 to 388,000. The four-week average moved lower as well and we’re watching futures move up on that news, housing starts, building permits were up 10%.”
While the numbers are good, the question remains: Does this mean the economy’s turning around? The Wall Street Journal writes...
“Thursday's report was the first time in nearly seven months that four-week average fell below 400,000. Most economists believe claims must remain consistently below that mark to signal a real turnaround.”
While we can’t tell if the numbers will be consistent -- it was enough to boost a market still vulnerable to the flares of the Euro Crisis. CNBC has more...
“Meantime, I just want to note, this better economic news? We jumped 7 points on the futures, when we got the housing numbers in this morning, the weekly initial jobless claims, we had retail sales, industrial production, capacity utilization, all a bit better than expected. All this is helping support the idea that there is things going on here a little bit independently of Europe.”
Meanwhile, many unemployed Americans just want to know when they can get back to work. In an interview with Bloomberg, an investment bank economist offers this insight...
“‘Layoffs have eased, which is a great sign... The other side of the equation, however, is that firms are still very hesitant to hire. You’re getting a very gradual improvement in the labor market.’”
