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.

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This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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