Unemployment claims are finally trending below the disastrous 400,000 a week level seen since the Great Recession kicked in. The most recent number was 388,000. This is still high but a sign of potential improvement — even if it’s in line with economists’ projections that it will take years more to make up for the millions of jobs lost to the downturn.
Other signs point to some slight improvement: The ratio of unemployed workers to job openings was 4.1 in September vs. 4.5 to 1 in August. In Washington, 4,600 net new jobs were created in October and the unemployment rate fell to 9 percent. What’s your situation?
Read on for some of the best economics stories of the week.
The Week’s Links:
- ‘The entire system has been destroyed by the MF Global collapse‘ || Zero Hedge
- Middle-class areas shrink as inequality grows || NY Times
- How to solve the corporate tax problem || Salon
- Woman gets jail for Food Stamp fraud, Wall Street fraudsters get bailouts || Taibbi/Rolling Stone
- Why it’s so difficult to trim military spending || Bloomberg
- Many Americans say they’ll have to work until they’re 80 || LA Times
- America’s new robber barons || NY Review of Books
- JPMorgan, Goldman keep risky Italy derivatives in dark || Bloomberg
- Small businesses still find banks to be reluctant lenders || LA Times
- SEC targets low-level bankers, spares top execs || Reuters
- The Eurozone crisis and the U.S.: A primer || NY Times
- The myth of the wealthy elderly || Center for Economic and Policy Research
Today’s Econ Haiku:
The Bain of job creation
Somebody gets rich