Chart of the Day: New Unemployment Claims Drop Sharply

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Was last week’s unemployment drop a statistical fluke? There’s no way to say for sure, but I think the evidence suggests that it’s mostly quite real. Today, via Steve Benen, we get further confirmation of this: initial unemployment claims, which have been on a steady downward trajectory for the past two years, have dropped sharply over the past month, culminating in an unexpected drop of 30,000 in just the past week. The usual caveat applies: this is a noisy series and a single data point doesn’t prove anything. But this recent drop is in line with both September’s encouraging unemployment number as well as the overall trend of the past two years. Sorry, Jack.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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