More good news for the New Year as jobless claims unexpectedly dropped to 432,000, down from 454,000 the previous week, and 28,000 below the predicted 460,000. It is the lowest unemployment numbers in 17 months. While it isn't great news, it is an improvement for Americans and the economy.
Don't make some great expectations for 4% unemployment anytime soon. Considering how bad the economy was 12 months ago, 7-8% unemployment by November would be outstanding improvement.
Remember, the last time the economy was this bad, Ronald Reagan was President, his polling numbers hit 35% approval ratings, the GOP lost Congressional seats in the midterms, and it took more than 2 years for the economy to recover. And that was the second dip of a double dip recession.
Economies don't recover overnight. It takes time for stimulus to work, and it takes time for numbers to stop and rebound. But it is a good way to start the new year.
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