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New US layoffs dip
May 22, 2009, Friday
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THE number of newly laid-off Americans requesting unemployment insurance dropped slightly last week after spiking due to auto layoffs, while continuing jobless claims moved closer to 7 million.
While other signs have pointed to the overall economy picking up later this year, the labor market likely will remain weak into next year and beyond. The Labor Department yesterday said initial claims for jobless benefits fell to a seasonally adjusted 631,000, down from a revised figure of 643,000 the previous week. That nearly matched analysts' expectations of 630,000 new claims.
While other signs have pointed to the overall economy picking up later this year, the labor market likely will remain weak into next year and beyond. The Labor Department yesterday said initial claims for jobless benefits fell to a seasonally adjusted 631,000, down from a revised figure of 643,000 the previous week. That nearly matched analysts' expectations of 630,000 new claims.
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