Deja Vu? Jobless Claims ‘Fall’ To 420,000

Unemployment claims by the newly laid-off fell to 420,000 last week, a decrease of 3,000 from the prior week’s figure, the Department of Labor reported today.

Wait a second…that sounds familiar.

Since the figures that come out every Thursday are preliminary, the Labor Department often issues revised figures the next week. That’s what happened here. But, that’s also what happened last week, too.

So to get everything straight:
Nov. 29-Dec. 3: jobless claims are apparently at 421,000.
Dec. 6-10: Jobless claims weren’t at 421,000, they were at 423,000, and now they’ve fallen to 420,000!
Dec. 13-17: Jobless claims weren’t at 420,000, they were still at 423,000, and now they’ve fallen to 420,000.

Hm. Sure. Okay.

Of course, a couple thousand layoff victims is nothing in the grand scheme of things (8.8 million receiving government unemployment assistance of some sort, another 17.8 million unemployed or underemployed or otherwise in dire job straits) but everyone (including us!) keeps touting how amazing it is that jobless claims have fallen to their lowest level since 2008…and it looks like now we’re stuck.