Jobless claims dropped in the latest reporting from the Labor Department. This is more great news for the economy and for President Barack Obama’s reelection bid.
WASHINGTON (MarketWatch) — The number of people filing for state unemployment benefits for the first time fell 23,000 to the lowest level since late February, the government said Thursday.
The Labor Department said claims fell to a seasonally adjusted 381,000 last week. The level of initial claims in the week ended Nov. 26 was revised up by 2,000 to 404,000.
A Labor Department official said that seasonal adjustment factors were at play in the large decline. The models had expected a larger increase than actually took place.
The numbers have turned bullish for the jobless claims. 400,000 or less is considered a positive number and recently this number is staying well under that number. And the number for the employment rate, which also dropped to 8.6%, is trending rapidly in the right direction.
Recently, the ADP employment report showed great results.
In more bullishness for the President, the stunning news this morning was that the ADP employment report (which focuses on the private sector), was released on Wednesday and the numbers were positive. Private payrolls increased to 206,000 for the month of November and the October numbers were reset at an increase of 130,000, which is 20,000 more than previously reported.
And then of course the 8.6% employment report was more good news.
In a dramatic drop, the employment rate hit the lowest level in two and a half years since March of 2009. The Labor Department reported the unemployment rate at 8.6%, a psychologically important number.
Then there is the political ramifications of the jobless improvement.
This is huge news for President Barack Obama politically a a number of fronts. First, it gives President Obama a positive message to put forward to the American people in his quest for reelection less than a year from now.
Second, it strips from the Republicans what has become the centerpiece of all of their campaigns for President: that the economy is in the tank and not improving.
The Republicans must now scramble to find a different issue to attack President Obama. And that will be the next to impossible challenge for these candidates. They cannot attack his foreign policy successes. He did what George W. Bush could not: capture and kill Osama bin Laden. He helped to overt throw the Gaddafi regime in Libya without expending American lives. The Arab Spring was inspired, some say by President Obama’s Cairo speech a couple years ago.
The trend is President Obama’s friend as the economy’s improvement picks up speed. Opponents will have to find another issue aside from the economy to attack the President’s policies. It is obvious the president’s plan is working.
Send John Presta an email and your story ideas or suggestions, firstname.lastname@example.org. John is the author of an award-winning book, the 2010 Winner of the USA National Best Book award for African-American studies, published by The Elevator Group Mr. and Mrs. Grassroots: How Barack Obama, Two Bookstore Owners, and 300 Volunteers did it. Also available an eBook on Amazon. John is also a member of the Society of Midland Authors and is a book reviewer of political books for the New York Journal of Books