Posted on 04/16/2009 7:36:57 AM PDT by BenLurkin
New jobless claims fell more than expected for the second straight week, but the number of Americans continuing to receive unemployment insurance benefits rose above 6 million for the first time.
Analysts expect the labor market to remain weak for the most of this year, as many employers are reluctant to hire until an economic recovery is well under way. And fresh housing data show the slump in that market, a major factor in triggering the recession, is not yet over.
The Labor Department said Thursday that its tally of initial unemployment claims dropped to a seasonally adjusted 610,000 from a revised 663,000 the previous week. That was significantly below analysts' expectations of 655,000 and the lowest level since late January. The four-week average of claims, which smooths out volatility, fell 8,500 to 651,000.
Initial jobless claims reflect the pace of layoffs by companies and are considered a timely, if volatile, measure of the economy. While declining, they remain much higher than a year ago when claims stood at 369,000.
Finding a new job is difficult for those who have been laid off. The total number of people remaining on the jobless benefit rolls rose 172,000, topping 6 million for the first time. That's the highest on records dating from 1967. The figures for continuing claims lag initial claims by one week.
Meanwhile, the Commerce Department said construction of new homes and apartments dropped 10.8 percent last month to a seasonally adjusted annual rate of 510,000 units, the second lowest pace on records that go back 50 years.
(Excerpt) Read more at finance.yahoo.com ...
when you are adding tens of thousands of thousands of new unemployed each week I still think its stupid to say its a ‘fall’.
Sure...I have some beach front property in Tuscon for those to buy who believe the unemployment numbers are relevant.....they can even ride The Pipeline right out front of their lots. Look at the U6 numbers to get the real picture.
The “Drop” is a drop from people who are no longer qualified to receive unemployment because they have exhausted their benefits. I would imagine.
Bingo!!
The 'drop' was in first time claims, which was still over 600,000. I don't care how someone wants to spin that, it isn't good.
The ‘drop’ was in first time claims
Well I guess what I am trying to say is...They are running out of people to file first time claims. Many have already filed and used all of the entitlement.
Florida announced a large number that had exhausted their benefits and would be dropped. But see...they can’t refile. So that number is not being accounted for anywhere that I can tell.
I agree, it isn’t good.
Also it does not include people who have lost or sold a business.
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