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Thursday, December 9, 2010

First time unemployment claims fell by 17,000

Jobless not hopeless, Ask for my resume - Chri...Image by Steve Rhodes via Flickr
Bureau of Labor Statistics report that
initial jobless claims fell by 17,000 on 12/3

Americans filing for their first week of unemployment claim benefits fell last week, pointing to a possible small improvement in the job market

This information should be taken into light with the national unemployment rate rising to 9.8 percent on December 3rd, from 9.6 percent the month of October 2010.

The Bureau of Labor Statistics (BLS) reported on December 9th, that initial claims fell to 421,000 in the week ending Dec. 4th, down 17,000 from a revised 438,000 claims filed the week before. This figure beat analyst forecasts by 8,000 claims of 429,000 for the week

In addition, four-week moving average, which is calculated to smooth out volatility in the data, fell by 4,000 to 427,500.

Continuing claims fell but, this number should be taken into light with America’s exhausting the current 73-99 weeks of unemployment. There are an estimated 6 Million ‘99ers', who cannot file for any additional state or Federal jobless benefits. It is estimated that the ‘99ers’ will grow by between 10,000 – 20,000 a month by the end of 2011.

According to most economists, weekly initial claims need to drop below 400,000 to signal real improvement in the job market. 

What are your thoughts on this article? Do you believe the jobless claims are falling due to unemployment job seekers exhausting jobless claims? Feel free to comment on this story, below!
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