Applications for unemployment benefits stay below 300K

We could always go back to Republican solutions

Slightly fewer people filed for U.S. unemployment benefits last week, a sign the American job market remains healthy.

THE NUMBERS: The Labor Department said Thursday that applications for jobless aid slipped by 1,000 to a seasonally adjusted 261,000. The less volatile four-week average dropped by 1,250 to 264,000. Overall, the number of people receiving unemployment checks fell by 30,000 to 2.15 million, down 5 percent from a year earlier.

THE TAKEAWAY: Applications are a proxy for layoffs. They have remained below 300,000 for 77 straight weeks, longest streak since 1970. The current reading is even more impressive because the population has grown considerably since then…

KEY DRIVERS: The U.S. unemployment rate is 4.9 percent. Employers added 255,000 jobs in July and 292,000 in June.

Solid hiring amid slow growth is worrisome. It shows that the economy is less productive, with more workers needed to produce the same or slightly more output. Productivity, or the amount of output per hour, has dropped 0.4 percent over the past year.

Discussions about productivity are like the newly hot topic of the value of GDP analysis. Becoming the signal statistic after World War 2, the US economy has been dramatically altered by time, technology, inevitable globalization and political pimps to the military-industrial complex.

I wouldn’t even post about this topic – boring you to semi-consciousness – except the populist pimp hisself keeps throwing it out as evidence of dastardly plots by Progressives, Liberals and banks that won’t re-mortgage Trump Towers.

Fact remains that since the Bush’s Great Recession, Obama’s halfway-competent utilization of modern economics to whip Congress into motion – followed by simple and simplistic nudges from the Fed – have kept our dullish economy functioning better than most in the Western World. 77 straight weeks of sub-300K unemployment applications speaks to that point.

The inevitable whine about rigged numbers from Trumpkins is hilarious – since the essentials haven’t been altered since the days of Nixon who was responsible for criminal manipulation as often was his wont.

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