The number of workers receiving and applying for unemployment benefits declined significantly last week, according to Labor Department figures issued Thursday.
That’s good news for workers and the U.S. economy – thousands of people are returning to work and coming off unemployment rolls.
But the headline numbers don’t give the full picture. Some labor-market dynamics mask concerning trends under the surface.
“It’s absolutely true the job market and economy are strengthening,” said Heidi Shierholz, director of policy at think tank the Economic Policy Institute and former chief economist at the Labor Department during the Obama administration.
“But these numbers represent an enormous amount of suffering,” she added. “The levels are devastating.”
To read the full report from Greg Iacurci in CNBC.com, click here.
