New Jobless Claims Fall Last Week

Jobless Claims New U.S. claims for unemployment benefits fell more than expected last week, government data showed Thursday, but distortions associated with the holiday weekend and a government shutdown in one state made it difficult to get a clear view of the labor market.

Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 418,000, the Labor Department said.

Economists polled by Reuters had forecast claims dropping to 420,000 from a previously reported 428,000. The prior week's figure was revised up to 432,000.

The data has no bearing on the government's closely watched employment for June, scheduled for release on Friday and expected to show that non-farm payrolls increased 90,000 last month after rising only 54,000 in May.

While the improvement in claims at the start of the third quarter could be a hopeful sign that conditions were now in place for the economy to regain the momentum lost in the first half, the report itself does not offer a clear read of the labor market.

A Labor Department official said that given Monday's Independence Day holiday, California and Virginia had provided partial estimates. In addition, the department had to make estimates for four states and territories.

The data also included about 2,500 claims from state employees in Minnesota following Thursday's shutdown of the state government.

It was the 13th straight week that claims have been above 400,000, a level that is usually associated with a stable labor market.

The four-week moving average of unemployment claims, a better measure of underlying trends, fell 3,000 to 424,750.

The number of people still receiving benefits under regular state programs, after an initial week of aid, dropped by 43,000 to 3.68 million in the week ending June 25.

The number of people on emergency unemployment benefits declined 44,183 to 3.26 million in the week ending June 18, the latest week for which data is available. A total of 7.46 million people were claiming unemployment benefits during that period under all programs, down 61,327 from the prior week.

(Reporting by Lucia Mutikani; editing by Andrea Ricci.)


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wilsonkoi

So cbasilovecchio thinks we should spend 10 trillion more dollars that we do not have to create another 500,000 none existant jobs (based on past ratios). Actually, spending money we do not have to create jobs that do not exist does work out mathmatically: 0 = 0.

July 07 2011 at 1:56 PM Report abuse rate up rate down Reply
1 reply to wilsonkoi's comment
cbasilovecchio

NO NO NO ! Do not spend money,just print it Print it to create jobs..4 million and to do what the banks have done in the past...MAKE MONEY,Progit from compound interest.This time as the taxpayers own the bank,they will gain the profit.Damn,it we could only get to lend out 100 Trillion the profit @ 3% for 24 years would be $100 trillion.......Maybe we won't have an income tax.
Taxpayers paying interest to taxpayers,24 years an income of $100 Trillion.
You see it's all about how banks and lenders make money.A few states discovered this and have a state bank where they invest state pentions,etc for the taxpayers to make the profit.

THINK ABOUT IT !
Prove it wrong or embrace it !

July 07 2011 at 7:17 PM Report abuse rate up rate down Reply
larry

Data manipulation, to make Obama look good during his 2012 campiagn.

July 07 2011 at 1:29 PM Report abuse rate up rate down Reply
rpaul20988

How many people are dropping out of the job market and settling in on the Welfare check instead??

July 07 2011 at 1:00 PM Report abuse rate up rate down Reply
jspfarm

No matter how you look at it even these (most likely) phoney figures still indicate that this country is in deep trouble, at least 7.46 million people are out of work, gas food, medical, utility, and housing costs are going up daily, our politicians are about to let our country go into a default because they can't stop bickering, each tryng to make the other look like the bad guy, they are now looking to take away from the elderly who helped to make this country what it was before this bunch of crooks and their cronies got hold of it and gave it all to corporate America, and all we can do is stand by and watch as our futures and those of our children are thrown under the bus. I do not believe there are any politicians who care about helping those who elected them anymore. They are taking "We the People" out of our Bill of Rights and replacing it with "The people no longer matter".

July 07 2011 at 12:46 PM Report abuse rate up rate down Reply
B INSANE OBOZO

finally aol posts something about the economy.... what happened the past 3 weeks when each week brought another round of 450,000 unemployed each week? counting the chronic unemployed, we have a rate of over 18%... those are depression numbers folks

July 07 2011 at 12:45 PM Report abuse rate up rate down Reply
nflamingo

New claims may be down, but how many are still collecting............how many can no longer collect, because funds have run out for them?

July 07 2011 at 12:37 PM Report abuse +1 rate up rate down Reply
hiram517

HOUSING FORCLOSURE, IF THE BANKS IS SMART, THE FORCLOSURE SHOULD BE RENTED OUT TILL HOUSING MARKETS GET BETTER.

July 07 2011 at 12:29 PM Report abuse +1 rate up rate down Reply
1 reply to hiram517's comment
B INSANE OBOZO

who pays to manage that? one other item... the government is holding back over 900,000 foreclosed homes for fear that releasing them would destroy the housing industry altogether

July 07 2011 at 12:46 PM Report abuse +1 rate up rate down Reply
hiram517

HERE WE GO AGAIN, WHEN GOVERMENT LIES AGAIN & AGAIN. REMEMBER THE WENDYS COMMERCIAL FOR THE TRUTH? WHERE `S THE BEEF!!

July 07 2011 at 12:26 PM Report abuse +1 rate up rate down Reply
JoanneVLavender

Let's see...how many people took early retirement to avoid layoffs or pay cuts? Then factor in the HS grads looking for jobs. Then factor in how many college graduates are now looking for work (and will end up going to grad school to delay their entry into the labor force).

Then add how many more jobs were LOST or won't be lost until the holders return from their summer vacations.

The economy is not recovering as rapidly as the government would like us all to think. And, as the new presidential election looms before us, we'll be seeing a world painted with government-rose colored visors. La vie en rose.

July 07 2011 at 12:24 PM Report abuse +1 rate up rate down Reply
cbasilovecchio

QE3 to create 4 million jobs...
Taxpayers bailout for Taxpayers by Taxpayers paying compounded interest to Taxpayers.
These loans would provide a $10 trillion dollar TAXPAYER PROFIT! Goodbye NATIONAL DEBT.Balance sheet would show no increase in debt as it is 100% asset secure.
Mr. Bernanke can do this QE3.State Banks are taxpayer owned and are for taxpayers to make and retain any profit.The Federal Reserve Bank has and even GREATER option for
the taxpayers; they do not have to borrow;they can print !,
Heroes are made by time and opportunity.Is it Bernanke and Obama's time?
"Just Do It !"

July 07 2011 at 12:23 PM Report abuse -1 rate up rate down Reply

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