There's no getting around the fact that the numbers are painfully high and a sign of a weak job market. However, better than expected is always a welcome surprise. Just imagine how ugly the numbers would have been if the GOP failed to do anything as they all wanted. We would be in a much deeper hole. Sure the bailout of Detroit was pricey and yes, the stimulus is hurting the dollar today. It's easy to live with both - or at least possible to tolerate them, for now - because things could have been considerably worse without action.
The number of newly laid-off workers seeking unemployment benefits fell last week to the lowest level since early July, evidence that job cuts are slowing.
The Labor Department said Thursday that initial claims for unemployment insurance dropped to a seasonally adjusted 545,000 from an upwardly revised 557,000 the previous week. Wall Street economists expected claims to rise by 5,000, according to Thomson Reuters.
