Is the economy "headed in the right direction"?

[ProSense]

UPDATE 1-U.S. jobless claims unchanged last week

WASHINGTON, Nov 19 (Reuters) - The number of U.S. workers filing new applications for jobless insurance was unchanged last week, according to government data on Thursday that showed the labor market was slowly healing.

Initial claims for state unemployment benefits were flat at a seasonally adjusted 505,000 in the week ended Nov. 14, the Labor Department said. However, the four-week moving average of claims dropped to its lowest in almost a year.

New applications for aid have been grinding lower in recent weeks, indicating a slowdown in the pace of layoffs. Analysts polled by Reuters had forecast new claims edging up to 505,000 last week from a previously reported 502,000.

"It is headed in the right direction. They were a little high, but the continuing claims coming down and the initial claims staying down is additional evidence that the labor market is stabilizing," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York

more

It’s worth noting one sentence in particular from the October unemployment report issued Wednesday:

“Total employment in Michigan advanced by 22,000 to reach 4,116,000. This was the first time since May 2007 that total employment has increased in the state.”

link

Mass. Unemployment Drops For First Time In 2 Years

N.J. ends unemployment increases

Signs?

[Rabrrrrrr]

1. "right" is far too narrow a word to use, but it certainly seems to be on the upswing

and heading, if not in the "right" direction, at least not toward the shitter any more.

[Warpy]

2. Not yet

but the reckless Republican tax cuts will expire next October. That alone will improve things and this chickenshit Congress won't have to risk hiking taxes before a midterm election. It will be automatic.

However, this country won't be on the right track until two things are done: first, bring back progressive taxation and two, put the Pentagon on a strict diet.

Until those two things are done, there will be insufficient revenue to do anything about repairing our infrastructure, recreating key industries, and putting the American people back to work at living wages.

[Capn Sunshine]

3. amen to both those

Progressive taxation. We could call it the "Eisenhower Tax Cuts" because all we would have to do is return to the tax structure under Eisenhower, that great friend to business.

The fear of the MIC (military industrial complex) has led us to this HUGE fucking expenditure on "Defense" where we're worried if IRAN get's one nuke yet we have 15,000.
We are defending ourselves into bankruptcy. A little common sense please.

[ProSense]

5. What about the points in the OP?

I'm sure that any policy can be held up to unlimited criticism, and the most progressive policy looks attractive by comparison, but what about the reality? The OP includes some facts, what's your opinion?

[karynnj]

8. I think there are many that don't see that the turning point will be very near the worse point

They need to realize that it is very possible that the shape of the curve that you would get if you were to plot unemployment this many months from now is a parabola and we have just passed the highest point and are now on the downward side. The fact is that it is hard to recognize for sure if we are beginning to get better. There are some who will pessimistically predict that these are just small blips and things will continue to worsen. There is though reason to be cautiously optimistic. What they don't get is the OP said getting better not healthy.

[Cha]

9. Thanks for the news,

Warpy.

[ixion]

4. if the 'right' direction is over a cliff, then yeah...

[ProSense]

6. Is that the what the information indicates? n/t

[Clio the Leo]

7. Employment apparently grew in MO as well.....

..... I'll take it where I can get it.

http://www.komu.com/satellite/SatelliteRender/KOMU.com/ba8a4513-c0a8-2f11-0063-9bd94c70b769/000ee386-80ce-0971-00f7-c9ee5369b121

[treestar]

10. You get unrecs for the idea the economy might recover!

:wtf:

[phleshdef]

11. Unemployment dropped in Michigan? What ASSHOLES are unreccing that?

[HiFructosePronSyrup]

13. People who want unemployment to go up.

Because it would help their anti-Obama agenda.

[Unvanguard]

12. Yes, but much too slowly. We need government action.

We'd be better able to manage that if we didn't have a wrecked budget from eight years of Bush, though...