Explaining Southern California's economy

Unemployment: We may have finally turned the corner

A jobs sign hangs above the entrance to


A jobs sign hangs above the entrance to the US Chamber of Commerce building in Washington, DC.

The national unemployment rate has been falling faster that anyone expected it would. You can debate the numbers. For example, are we currently at 8.3 percent because the so-called "long-term unemployed" have given up and dropped out of the labor force altogether? Maybe. But there's no arguing other data, some of which is starting to look a lot better.

This is from Bloomberg:

The number of Americans filing first-time claims for jobless benefits fell to a level matching a four-year low, more evidence the labor market is healing.

Applications for unemployment insurance decreased 2,000 in the week ended Feb. 25 to 351,000, Labor Department figures showed today. Economists forecast 355,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls fell, while those getting extended payments also declined.


The four-week moving average, a less-volatile measure, fell to 354,000, also the lowest since March 2008, from 359,500.