Not-seasonally-adjusted first time claims for unemployment have come in below 300,000 for ten straight weeks from July 27th, averaging just 269,000 first time claims per week. Annualized that's just under 14 million. The lowest level actually achieved annually under Bush was 16.2 million.
For the first 29 weeks of 2013 the average weekly report was 354,000 first time claims, an annualized rate of 18.4 million.
Considering that this has been the longest, deepest unemployment recession in the post-war period, it is not surprising that such low levels should occur eventually. If it's really a fact that we've bottomed out, the numbers will have to hew close to 310,000 for a full year to come in at 16.1 million.
The report is here.
