Weekly Jobless Claims Tumble to Near 7-Year Low

Economy Jobs
Brennan Linsley/AP

By Lucia Mutikani

WASHINGTON -- The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in almost seven years, which could bolster views of an acceleration in job growth after a cold winter dampened hiring.

Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the lowest level since May 2007, the Labor Department said Thursday.
Claims for the week ended March 29 were revised to show 6,000 more applications received than previously reported.

Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 320,000 in the week ended April 5.

The four-week moving average for new claims, considered a better measure of underlying labor market conditions as it irons out week-to-week volatility, fell to 316,250 in the week ended April 5, down 4,750 from the previous week.

A Labor Department analyst said no states were estimated and there were no special factors influencing the state level data.

Layoffs are trending lower and hiring is regaining some momentum after being held back by unusually cold weather, snow and ice storms in December and January.

Job growth averaged about 195,000 per month in February and March, with the unemployment rate holding at near a five-year low of 6.7 percent over that period.

The claims report showed the number of people still receiving benefits after an initial week of aid fell 62,000 to 2.78 million in the week ended March 29. That was the lowest level since January 2008.

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mroccolo

The weekly jobless claim number is no indicator of current unemployment.
This is another way Obama uses to distort reality to make it look like he is doing something.
There are just so many people unemployed. The real number is likely over 20%.
They can spin it all they want but take a look around and open your eyes.

Similar story with Obamacare. It is a complete pile of **** but they spin it like people love it and are signing up like wildfire. Most of those epople who signed up are ones whop lost their healthcare and now have to rely on the inferior coverage of obamacare.

Anyone who criticizes or points it out is a racist.

April 19 2014 at 2:15 AM Report abuse rate up rate down Reply
pgile

Fact 1: More than 15 million people lost their jobs last year and appled for first-time unemployment benefits (that's what this article references).
Fact 2: More than 17 million people got new jobs last year.
Fact 3: The total number of people working is higher by about a half million since the start of 2014.

All the posts denying these facts by expressing politically motivated opinions don't change the facts.

April 13 2014 at 7:13 AM Report abuse rate up rate down Reply
Iselin007

Amazing how they try to spin the claims number as a positive. More people are filing claims per month than they are being hired for full time jobs. It's no wonder the not in the labor force statistic is so large.

April 12 2014 at 4:14 PM Report abuse rate up rate down Reply
gizhuge

These stats are 2 1/2 months behind, I work at Texas Unemployment office and we are filing more claims than we have in the past 4 years....somethings up

April 12 2014 at 7:05 AM Report abuse +1 rate up rate down Reply
rini1946

do not give any credit to the government part of the increase is due to china changing their currency so now stuff from china is more expensive

April 10 2014 at 10:12 AM Report abuse rate up rate down Reply
1 reply to rini1946's comment
pgile

When unemployment is high, blame the govenment. When unemployment is low, don't give then govenment any credit. The fault, dear brutus, is in the stars.

April 11 2014 at 7:23 AM Report abuse rate up rate down Reply
1 reply to pgile's comment
Iselin007

The government announced $1.7 B clean up for the tainted Passaic River in NJ which was polluted over several decades by manufacturers such as G.F.. and others. I guess the JOB Czar is going to be creating jobs here soon like many others when they and many others .are paying for the mess the government kept quiete about for some 100 years!

April 12 2014 at 4:28 PM Report abuse +1 rate up rate down

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