Jobless Benefit Claims Lowest Since 2008

While the under-employment estimates paint a more bleak picture, there was good news on the employment front overall, as the number of Americans filing new claims for jobless benefits (February 16, 2012) held at the lowest level since March 2008, signaling that the battered labor market is healing. The data suggests that the cycle of big layoffs is dying down, laying the ground for more hiring.

The unemployment rate, which stood at 9.1 percent in August, dropped to 8.3 percent in January, and additions to payrolls have exceeded 200,000 for two straight months.