Thanks, Obama! Jobless Claims Drop to 42-Year Low

Initial claims for state unemployment benefits declined 26,000 to a seasonally adjusted 255,000 for the week ended July 18, the lowest level since November 1973, the Labor Department said on Thursday.

Now keep in mind that the unemployment benefit claims in number of applicants is at the lowest level in 41-and-a-half years, which, given the fact that the labor force has grown considerably in that time, is phenomenally impressive. The 4-week moving average (a key marker since it tends to eliminate the week-to-week spikes and lows) has stayed under 300,000 for 17 straight weeks, indicating more good jobs news is coming when the July jobs report is released.

Here is how jobless claims have dropped since the Bush great recession was handed over to President Obama to manage, end, and pull the country back from.

Bloomberg provides the big picture on Barack Obama's record on jobs.

And here is how the initial and 8-week moving averages have looked since President Obama was sworn in for a second term.

Chart credit: Pantheon Economics.

Chart credit: Pantheon Economics.

Add that feather to President Obama's cap that the economy has added 200,000+ jobs for 14 of the last 16 months, dropping the unemployment rate to 5.3%, just above the 5.2% considered to be full employment by Fed officials, not to mention the US is on its longest ever expansion of private sector employment.

It looks like that job killing Barack Obama is just intent on taking us from utter disaster to full employment in less than seven years. This is so inconvenient for talking points!

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