New Jobless Claims Remain Elevated

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[...] New Jobless Claims Remain Elevated “This morning, the Department of Labor reported that weekly initial unemployment insurance claims declined to 457,000, from 468,000 last week. The moving average decreased to 452,000. The number of people collecting unemployment insurance increased to 4.57 million. The initial claims number needs to fall into the 300,000s to bring down the overall unemployment rate, economists say. It has remained sustained around 450,000 since January, while the unemployment rate has not dropped below 9.5 percent.” [...]

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[...] With the jobless rate at 9.5 percent and the number people on and off unemployment benefits changing…, a new focus on deflation allows policy makers to consider spending proposals without cries from deficit hawks who warn of high inflation around the corner. A 2009 Wall Street Journal article explains the relationship between low consumption levels and a near-zero inflation rate: Fed officials worry about slack for another reason. When the economy has little of it, inflation becomes a problem because tight supplies allow businesses and workers to demand more money for their services. When there is too much slack, as now, inflation falls. [...]