Archive for Friday, November 13, 2009

Claims fall, but when will jobs come back?

November 13, 2009


— With the sputtering job market flashing an encouraging sign — unemployment claims at their lowest point since January — the White House announced a summit Thursday to try to speed the day when hiring finally starts again.

While President Barack Obama called the new jobless figures hopeful, economists think claims will probably stay too high to indicate even a slight gain in jobs until early next year.

Job creation is essential for a sustained economic recovery. Obama said the White House is “open to any demonstrably good idea to supplement the steps we’ve already taken to put America back to work.”

The White House forum, to be in December, will bring in public and private sector experts to talk about how to get job creation humming again, Obama said.

First-time claims for unemployment aid fell last week to a seasonally adjusted 502,000, fewer than Wall Street had expected.

Still, most economists say weekly claims would have to fall below 425,000 for several weeks to signal that the economy is actually adding jobs.


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