Today Is a Good Day for the U.S. Labor Market

A blog about business and economics.
July 5 2012 8:38 AM

Today Is a Good Day for the U.S. Labor Market

The ADP private sector payroll report came out with an estimate of 176,000 private sector jobs created in June. That'll be a solid, if not stellar, month if something like that is confirmed by the Bureau of Labor Statistics tomorrow. At a minimum it's way above expectations and should generate some enthusiasm in markets.

We also got a good initial unemployment claims report indicating that 374,000 people filed new UI claims last week, "a decrease of 14,000 from the previous week's revised figure of 388,000. The 4-week moving average was 385,750, a decrease of 1,500 from the previous week's revised average of 387,250." The year-over-year change in initial claims has been persistently negative for a while, the clearest sign of steady (albeit slow) improvement in the American labor market.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.

  Slate Plus
Slate Picks
Dec. 17 2014 12:27 PM Listen to Our Ultimate Holiday Playlist Holiday tracks for the season, exclusively for Slate Plus members.