News / USA

US Jobless Benefit Claims Hit 5-Year Low

VOA News
The number of Americans making new claims for unemployment benefits is dropping, pushing the four-week average for jobless assistance to a five-year low and signaling that the U.S. labor market might be stabilizing.

The U.S. government said Thursday that 340,000 unemployed workers made new claims for financial aid last week, a drop of 7,000 from the week before.

That pushed the four-week average down to 348,750 - the lowest total since March 2008, in the early stages of the country's worst economic downturn since the Great Depression of the 1930s. Fewer claims for benefits usually mean that employers are curtailing worker layoffs.

James Glassman, the senior economist at one of the country's biggest banks, JPMorgan Chase, said the U.S. economy, the world's largest, is advancing.

"There’s a momentum building in the U.S. economy. We stumble, we get back on our feet. We’ve done this many times. This is our history,” said Glassman.


​He said the American economy is following a familiar pattern in its recovery from the recession in 2008 and 2009.

“The first thing that happens when we get back on our feet is the stock market, first of all businesses re-establish profitability, then the stock market responds, and then it takes a long time to get the job market back to a fully employed state. But you know we’ve recovered in this country, we’ve recovered 63 percent of the job losses from the recession. So it tells you that it’s happening, but it’s happened slowly, the job market still slowly, it’s the last one to heal. But it’s pretty evident that it’s taking place,” he said.

Despite the improving jobless claims numbers, the country's unemployment rate has remained stubbornly high - 7.9 percent in January, well above the historical norm of about 5 percent. More than 12 million workers remain unemployed.

On Friday, the government is set to disclose the jobless rate and job growth for February, both seen as key barometers for the state of the American economy.

You May Like

Video On the Scene: In Gaza, Darkness Brings Dread and Death

Palestinians fear nighttime raids, many feel abandoned by outside world, VOA's Scott Bobb reports More

African Small Farmers Could Be Key to Ending Food Insecurity

Experts say providing access to microloans, crop insurance, better storage facilities, irrigation, road systems and market information could enable greater production More

University of Michigan Wins Solar Car Race

Squad guided its student-designed solar-powered vehicle to fifth consecutive time victory in eight-day bi-annual American Solar Challenge More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Gazans in Shelled School Sought Shelteri
X
Scott Bobb
July 30, 2014 8:16 PM
Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Gazans in Shelled School Sought Shelter

Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Rapid Spread of Ebola in West Africa Prompts Global Alert

Across West Africa, health officials are struggling to keep up with what the World Health Organization describes as the worst ebola outbreak on record. The virus has killed hundreds of people this year. U.S. President Barack Obama and other world leaders are watching the developments closely as they weigh what actions, if any, are needed to help contain the disease.
Video

Video Michelle Obama: Young Africans Need to Embrace Women's Rights

U.S. first lady Michelle Obama urged some of Africa's best and brightest to advocate for women's rights in their home countries. As VOA's Pam Dockins explains, Obama spoke to some 500 participants of the Young African Leaders Initiative, a six-week U.S.-based training and development program.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.
Video

Video Study: Latino Students Most Segregated in California

Even though legal school segregation ended in the United States 60 years ago, one study finds segregation still occurs in the U.S. based on income and race. The University of California Los Angeles Civil Rights Project finds that students in California are more segregated by race than ever before, especially Latinos. Elizabeth Lee reports for VOA from Los Angeles.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video A Summer Camp for All the World

VIDEO: During workshops and social gatherings, the Global Youth Village summer camp encourages young people to cooperate and embrace their differences, while learning to communicate with people from other countries. VOA's Deborah Block has more.
Video

Video From Cantankerous Warlock to Incorruptible Priest, 'Harry Potter' Actor Embraces Diverse Roles

He’s perhaps best known as Mad Eye Moody, the whimsical wizard in the Harry Potter franchise. But character actor Brendan Gleeson's resume includes dozens of films, and he embraces all the characters he inhabits with equal passion. In an interview with VOA’s Penelope Poulou, Gleeson discussed his new drama "Calvary" and his secret to success.

AppleAndroid