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Wednesday, October 26, 2016

Washington (AFP) – New U.S. claims for unemployment insurance benefits fell last week, continuing to point to a downward trend in job losses, official data released Thursday showed.

The Labor Department said initial jobless claims fell by 6,000 to 312,000 in the week ending June 14, following three straight weeks of gains. The previous week’s level was revised up to 318,000 from 317,000.

The number of new claims last week came in slightly below the consensus estimate of 313,000.

First-time claims, a sign of the pace of layoffs, have been declining over the past year amid job growth that has picked up in recent months.

The four-week moving average, which smoothes weekly volatility, was 311,750, compared with a revised 315,500 the prior week. A year ago the moving average stood at 346,500.

For all people receiving unemployment insurance benefits, the four-week moving average tumbled by 21,750 to 2.58 million, the lowest level since early November 2007.

Jennifer Lee, senior economist at BMO Capital Markets, said the fall in claims was a positive sign for the June labor market report due on July 3.

“The level of claims is nicely below the level that prevailed during the prior survey period, which suggests that the solid trend in job creation continued in June,” Lee said.

The unemployment rate is at a six-year low of 6.3 percent, and the economy added more than 200,000 jobs for the fourth straight month in May.

On Wednesday the Federal Reserve held its ultra-easy policy course steady, predicting “moderate” growth in the economy this year.

“Labor market indicators generally showed further improvement… and labor market conditions will continue to improve gradually,” the Federal Open Market Committee said in a post-meeting statement.

AFP Photo/Frederic J. Brown

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  • Accompanying the plans is a series of events supported by Montebourg and the Ministry for the Economy, Productivity, and Digital Technology called ‘Les objets de la nouvelle France industrielle’ (Products from the new industrial France). At these events, companies and entrepreneurs present a selection of new products to an audience to showcase innovative new developments by French companies and entrepreneurs.

    At the ninth and most recent of the events in May, Orange, for example, presented a new version of its smart plug, called My Plug, which is scheduled for commercial launch on 6 June. My Plug 2 can alert customers of power outages via SMS and enables them to remotely control electrical devices like air conditioning or space heaters. It also allows them to monitor power consumption and set timers to switch devices on and off.

    France is certainly cooking up a storm. This “third industrial revolution” is a strong message for the rest of the world that France plans to resume its place as a major industry player. The big challenge will be to sustain the momentum that has already been created, and to accompany this drive for innovation with fundamental changes in bureaucracy and regulation. France’s economy is still not thriving, and it also remains to be seen if the government will achieve its target of one percent growth in 2014.

  • Independent1

    Back in July of 2013 jobless claims hit their lowest level in 5 years at 326,000 claims and according to the above article, they’ve dropped even lower than that this month, and have been pretty much below the 326,000 level for the past year. And yet, according to this morning’s Rasmussen polls alert email, 49% of those polled recently by Rasmussen, think the American economy is in recession.

    They apparently think this even though jobless claims have remained low for the past year, and job creation for 2014 is on a pace to be the best job creation year since Bill Clinton was in office. And also at a time when unemployment is at a 6.3% level when most economists believe that the nation should consider the full-employment level to be 5.6% of unemployment. Meaning that the nation is only .7% away from what economists feel is full-employment.

    All this seems to indicate that the American economy is clearly not in recession, so the fact that 49% of people responding to the Rasmussen polls seem to think so, only proves just how far out of touch a large segment of our population is with reality or maybe it’s just one more indication that although the economy is not in recession, what’s giving people that impression, may well be the fact that many of the good paying jobs in America have been replaced by minimum wage jobs in an increasing number of companies like WalMart, McDonald’s, Target, and many others.

    If that’s the case, the American people can thank corporate pirates like Mitt Romney’s Bain Capital for all the leverage buyouts they
    pulled off over the past 5-6 years when companies in America were foundering under the great recession. Destroying hundreds of those companies in America, stripping them of their assets, including their pension moneys, and ultimately destroying millions of higher paying American jobs, leaving millions of Americans with reduced pension benefits, more often than not foisted onto the American taxpayer, with their jobs shipped overseas just so the corporate pirates could pocket even more money.