Jobless Claims Fall To 351,000

The only reason that 351,000 weekly unemployment claims is not a four-year low is because claims hit 351,000 just once last month (before temporarily rising again).

But yeah. Four-year low. The week ended Feb. 25, the most recent week data were available, seven million Americans were receiving unemployment checks (the 351,000 figure just refers to the people who are newly filing).

This is good and bad. The fact that so few people are filing new unemployment claims (and 351,000 does really count as “few”) means that the layoffs have finally stopped. The fact that seven million people are receiving unemployment checks, not to mention the millions of people who are unemployed but aren’t getting checks, means that hiring hasn’t picked up again yet. But the Federal Reserve said it expected the jobless rate to “gradually” decline, according to Reuters.

Let’s hope.

Publish date: March 15, 2012 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT