WASHINGTON (MarketWatch) -- The number of people filing initial claims for state unemployment benefits fell 22,000 to a seasonally adjusted 432,000 in the week ended Dec. 26, the lowest level since summer 2008, the Labor Department reported Thursday. Economists surveyed by MarketWatch expected initial claims to come in at 455,000. The level of initial claims in the week ended Dec. 19 was revised up by 2,000 to 454,000. See Economic Calendar. The last time claims were at their current level was July 2008. http://www.marketwatch.com/story/initial-jobless-claims-decline-22000-to-432000-2009-12-31
That is INITIAL jobless claims. There is a huge number of people on extended or have exhausted unemployment benefits, and we stand at an official rate of 10.2% or so.
Many are anticipating the job report next Friday to be on the plus side. Could see "actual" job growth for the month of December, just waiting for the emergencey benefits to stop, some states offering up to 99 weeks of benefits. If the market sees job growth the 1st qu of 2010 get ready for a rate hike of at least 50bps by June 2010. If they think they can keep rates at 0% with job growth on the way they are fooling themselves.