Economy

U.S. first-time jobless claims dropped to the lowest level since July last week - a sign that the economy may be deteriorating at a slower pace. Data from the Labor Department shows that applications fell to 550,000 in the week ended Sept. 5 from 576,000 the week before.

Otherdata from the Labor Department showed thatcontinuing claimsdropped by 159,000 to 6.09 million, which is its lowest level since April. In general, some economists believe that this is a sign that employment may be starting to stabilize after 20 straight months of job losses.

But do these decreased numbers mean the economy is improving?

Economists seem to want to make it clear thatimprovements in the numbers we see for first-time joblessclaims and continuing claimsdon't necessarily mean that all is well. Other factors play a role in these numbers, including the fact that there are still unemployed workers who have run out of benefits and can no longer make continuing claims.

The fact is, jobless claims are still unbelievably high, and add to the 6.9 million jobs lost since the start of the recession in December 2007 - the worst since the Great Depression. And since companies like GM (who is preparing to cut 1,000 salaried jobs this month) are still letting their workers go while others simply aren't hiring, it appears that economists are right, the return to job growth is likely still many months away.

So what do you think? Does seeing a drop in numbers make you feel that the economy is turning around for the better? Or isit just that areally bad economy slowly turning into a kind of bad one?

Here is a recap of important finance news from around the world.

Summary: Sen. Ted Kennedy passes away from brain cancer, Australia to create a program for its auto financiers, Sen. Chris Dodd chosen to replace Kennedy, Texas bullish in recession, Pittsburgh's pension fund is in trouble and more financial layoffs are expected.

Ted Kennedy Dies of Brain Cancer at 77
The country mourns as America loses one of its great senators, Edward M. Kennedy, who in his last days pushed for a health care reform.

Australia's Cash for Clunkers for Auto Lenders
Australian Treasurer Wayne Swan says the government create a special fund to provide liquidity to four of the country's top auto financiers. The program will provide up to $1.66 billion dollars starting September 1, 2009.

Christopher J. Dodd Takes Over for Ted Kennedy
Following the death of his close friend Ted Kennedy, Sen. Dodd has been given the White House's approval to take over the Senate health committee.

Texas Proves Recession-Proof
Texas has one of the lowest unemployment rates in the nation at 7.9%, and jobs are actually being added as finance firms recruit more talent for their commodities teams.

Finance Job Layoffs
Lloyds Banking, Friends First life assurance company, and the Federal Reserve are all eliminating jobs.

Pittsburgh Pension Liabilities to Top $1 Billion
According to its finance director, Pittsburgh's pension fund could be headed for major trouble, and may actually be worse than previously expected. The Pennsylvania Municipal Retirement System is looking to take control over the declining pension fund under the state's new laws.

After several month of continued escalation, mortgage rates have declined . Those who were kicking themselves for missing an opportunity of getting the lowest mortgage rates in decades, once again stand a chance as the current reported rate for a 30-year fixed mortgage has decreased to 5.12%...

To help stabilize the real estate market, President Obama passed into law a new stimulus act that will give qualified first time home buyers a $8,000 tax rebate. If you buy a home between now and December 1st as a first time home buyer who meets certain criteria, that money can be yours.

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Here is a recap of important finance news from around the world.

Summary : Pelosi will not allow health care plan to pass without public option, Chile sees economic recovery and needs new credit sources, Fed Chief Bernanke meets with other finance leaders, Saab no longer bankrupt, and...

Here is a recap of important finance news from around the world.

Summary : Overall mixed signals from the economy, another major bank fails, more AIG jobs are cut, some Asian and European countries are pulling out of the recession and the health care reform is still a mess.

Hong Kong Pulls...

Newly-disabled, laid-off workers have been seeking access to their social security benefits in droves, but have found that claiming their funds has been more difficult than once thought. As the weakened economy and lost jobs results in an increase in debilitating illnesses, more people are...

Many auto dealers and consumers alike are relieved to learn that President Obama has signed into law a measure that triples the budget of the $1 billion "Cash for Clunkers" program .Originally set to run out of funds on Friday, the new budget will extend the program into Labor Day weekend, and...

Finally some good news from the floundering real estate sector. According to new information released by the National Association of Realtors , after a five-year downward spiral June marked the third consecutive month of increases forsales regarding previously occupied homes. Additionally, both...

Ford Motor Company's shares jumped 10% due to it beating revenue loss targets . Originally, Ford was projected to make $24.8 billion, but instead was able to generate $27.2 billion. This represents an $11 billion drop in revenue, less than previously expected. Ford remains on track to become...