Republicans were geared up, hoping on a bad jobs market report this month in order to give the Romney/Ryan campaign a boost — to spotlight President Obama as a failure. Well, it didn’t work out the way they had hoped. According to the Associated Press, fewer Americans applied for unemployment benefits last week, and a private survey showed businesses stepped up hiring in August. The data sketched a brighter outlook for the job market one day before the government reports on August employment.
Weekly applications for unemployment benefits fell by 12,000 to a seasonally adjusted 365,000, the Labor Department said Thursday. The four-week average, a less volatile measure, ticked up to 371,250.
Unemployment benefit applications are a measure of the pace of layoffs. When they consistently fall below 375,000, it suggests that hiring is strong enough to lower the unemployment rate.
Serious optimism is prevailing in the market, showing a significant uptick in signs of improvement in the economy. The expected number of added private-sector jobs in August was surpassed.
Private employers added a stronger-than-expected 201,000 jobs in August and new claims for jobless benefits fell last week to the lowest level in a month, upbeat signals for a struggling labor market.
Newt Gingrich previously stated on Meet the Press:
I think the biggest event won’t be his speech Thursday. It’ll be the Friday morning jobs report. If that Friday morning jobs report is bad, it’ll drown his speech. You want to talk about Eastwood? Friday morning jobs report is a lot bigger event next week than Eastwood was this week.
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