Thursday, July 21, 2005

Jobless Claims Post Biggest Dip in 2 1/2 Years

How long has it been since you've heard anyone on the left even mention the economy?

WASHINGTON (AP) -- The number of Americans filing new claims for unemployment benefits plunged by the largest amount in 2 1/2 years last week, reflecting a slowdown in layoffs in the auto industry.

The Labor Department reported that new benefit claims dropped by 34,000 to a new total of 303,000 as the labor market continued to signal strength.

Government analysts attributed the big improvement to a slowdown in layoffs in the auto industry, which had seen big increases in recent weeks as auto plants shut down temporarily to retool for the new model year.

Federal Reserve Chairman Alan Greenspan, delivering a monetary report to Congress this week, said the U.S. economy, after a brief slowdown in the spring, has picked up strength over the past two months and should enjoy solid growth this year.

Moral to this story, TAX CUTS WORK.

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