Weekly unemployment claims drop to 374,000
Lowest level in 6 weeks
- Duration 3:53
- Date Jul 5, 2012
Lowest level in 6 weeks
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Let's kick things off this morning branded jobs reports number that came in about thirty minutes ago it's a little bit better.
Then was expected first time unemployment claims dropped to 374000.
Last week that's the best level that we've seen.
Since mid may and that's how we -- this morning good morning everybody I am Martha MacCallum welcome to America's news.
Very nice to be with you mark could have here I'm -- pulled -- and -- hammered today and that number that Martha just told us about.
-- not be enough to bring down the unemployment rate according to -- a new survey there are a lot of economists out there who believe that the unemployment rate.
Is gonna stay above 6%.
Perhaps for the next four years 6% -- very upper balance of what's considered to be healthy to -- a pretty rough numbers are joining me now Fox Business Network is Charles -- the -- child this morning so -- -- take on the number this morning.
The initial jobless claims numbers this really disheartening at this point of -- post recession recovery if you will.
We certainly will -- to see numbers and the lower end of 300000.
And of course tomorrow being the big jobs number it's just this just another major disappointment.
We talked a little bit about in this prediction -- -- economists that the number's going to be.
You know in that 6% or above range for quite some time.
I don't disagree that it could be in that range Martha if we continue with the policies that we have in place right now.
You know listen corporations are sitting on two trillion dollars banks have a trillion households -- -- down their -- There's enough powder -- -- is that the economies like a powder keg.
But it needs to be set off instead it's hiding out a bunker and that impacts job so there's a lot of -- policies so.
There's it's conceivable that it could be at 6% what would which would be very disappointing already.
This is the worst post recession recovery in history this country the president's gonna go to reelection with the highest unemployment number of any post war president now.
But I disagree with economists who say it has to be this way or will be this way no matter who's the president because I think there's a tremendous amount of -- that opportunity in this country that's pent up that could be released.
Yeah there's just about four more chances I -- for the monthly unemployment number.
To weigh in in this presidential election cycle we've got one of those coming up tomorrow morning what do you expect that.
You know to -- saying not too long ago this morning eighty.
And Wall Street is like oh that's amazing we will look at for 95000.
So a lot of people gonna sharpen their pencil.
You probably get a number somewhere north of a 100000 maybe a 110120000.
Extraordinarily disappointing we should be at 350000.
Jobs a month this are willing down that unemployment rate so we can get it even to that woeful 6% number of.
You -- our -- -- thank you so my -- and just to put in context a little bit of what Charles was just talking about take a look at this chart says here's where we are today 374000.
In the weekly jobless claims at number that's the first time that we've seen it debt.
In the last six weeks you can see the peak of it.
Back there -- 659000.
And let's bring on that yellow line because this shows you where you need to be.
If you're in a healthy economy keep in mind that these numbers are often revises -- the habit.
Has been the routine I -- -- over the last several months that they get -- a little bit higher each week but the number today's sitting at 374000.
What we've got in the mix we'll see where the big number comes in of course tomorrow morning back.
All right so we continue to keep an eye on the unemployment situation and and here it is really by the numbers right now there -- 23 point two million Americans.
Either unemployed or underemployed that means either working part time.
Or at a job well below their skill level.
Five point eight million people currently collecting unemployment benefits the average number of weeks of unemployment forty weeks.
Course it's almost an entire year.