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Weekly unemployment claims fall to four year low

New weekly claims for unemployment fell last week to the lowest level in four and a half years.

Adolfo Laurenti, the deputy chief economist for Mesirow Financial, says that the report is a good sign for the overall employment situation. "This is good progress, you can still claim that it is slow paced, uneven around the country, but it is progress nonetheless." The claims data is consistent with other recent indicators of the labor market, such as the Bureau of Labor Statistics September jobs report.

Elsewhere around the world, the S&P has downgraded the soveign debt of Spain. Accordingly, the yield on Spanish bonds is going up -- which of course only increases the pressure on Spain. "This is not exactly surprising," says Laurenti, "at the same time, there is no denial that Spain is making huge efforts to improve their fiscal position with austerity and economic reform, so the timing is a little bit disappointing to be honest."

 

About the author

Jeff Horwich is the interim host of Marketplace Morning Report and a sometime-Marketplace reporter.
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Heard your report this morning. Both of you were good, however it turns out wrong. Please note Kelly Evans report on CNBC. The numbers were "cooked" as one large state failed its quarterly numbers that diminished the spike in claims that always accompanies the start of the quarter. In addition it appears the seasonal adjustment possibly was adjusted. Please look into it and report the facts tommorrow rather than quick emotions. Next time just report the numbers and not what they mean until you can check into the specifics. Thanks. Look forward to hearing/seeing comments about this in tomorrow's show.

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