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Data shows US job losses are slowing
By Christopher S. Rugaber |
September 18, 2009, Friday
|
Print Edition
Print Edition
THE number of newly laid-off workers in the United States seeking unemployment benefits fell last week to the lowest level since early July, evidence that job cuts are slowing.
The US Labor Department said yesterday that initial claims for unemployment insurance dropped to a seasonally adjusted 545,000 from an upwardly revised 557,000 the previous week. Wall Street economists expected claims to rise by 5,000, according to Thomson Reuters.
The decline is the third in the past four weeks. The four-week average, which smooths out fluctuations, dropped 8,750 to 563,000. Despite the improvement, that's far above the 325,000 per week that is typical in a healthy economy.
The number of people claiming benefits for more than a week rose by 129,000 to a seasonally adjusted 6.2 million. The continuing claims data lags initial claims by one week.
When federal extended benefits are included, 9.01 million people received unemployment insurance in the week ending August 29. That's down from 9.16 million the previous week. Congress has added up to 53 weeks of extended benefits on top of the 26 weeks provided by states.
The US Labor Department said yesterday that initial claims for unemployment insurance dropped to a seasonally adjusted 545,000 from an upwardly revised 557,000 the previous week. Wall Street economists expected claims to rise by 5,000, according to Thomson Reuters.
The decline is the third in the past four weeks. The four-week average, which smooths out fluctuations, dropped 8,750 to 563,000. Despite the improvement, that's far above the 325,000 per week that is typical in a healthy economy.
The number of people claiming benefits for more than a week rose by 129,000 to a seasonally adjusted 6.2 million. The continuing claims data lags initial claims by one week.
When federal extended benefits are included, 9.01 million people received unemployment insurance in the week ending August 29. That's down from 9.16 million the previous week. Congress has added up to 53 weeks of extended benefits on top of the 26 weeks provided by states.
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