U.S. Jobless Claims Fall
U.S. Jobless Claims Fall
The U.S. Labor Department reported Thursday that initial jobless claims fell last week, indicating a slowdown in the firings that began in April. Claims for unemployment benefits dipped 16,000 to 414,000 in the week ended June 11th. The news is particularly encouraging considering economists taking part in a recent Bloomberg survey had projected, on average, that claims would come in at 420,000. The total numbers of people receiving benefits, including those on extended benefits, also declined.
Economists point out that further declines in layoffs combined with a pickup in hiring would help consumer spending, which accounts for more than two-thirds of the U.S. economy. While payrolls have increased recently, the unemployment rate remains stubbornly above 9 percent, underscoring the need for further improvement in the job market for an economy still recovering from its worst downturn since the Great Depression.
The Bloomberg estimate was based on the average projection from 46 economists, whose estimates ranged from 408,000 to 435,000. The Labor Department also revised the figure for the prior week up from 427,000 to 430,000. Economists welcomed the report, saying that claims are still too high, but the decline indicates we may be heading in the right direction. Companies are not expected to significantly pick up hiring until the economy shows a firmer footing in a recovery.
The U.S. Labor Department reported Thursday that initial jobless claims fell last week, indicating a slowdown in the firings that began in April. Claims for unemployment benefits dipped 16,000 to 414,000 in the week ended June 11th. The news is particularly encouraging considering economists taking part in a recent Bloomberg survey had projected, on average, that claims would come in at 420,000. The total numbers of people receiving benefits, including those on extended benefits, also declined.
Economists point out that further declines in layoffs combined with a pickup in hiring would help consumer spending, which accounts for more than two-thirds of the U.S. economy. While payrolls have increased recently, the unemployment rate remains stubbornly above 9 percent, underscoring the need for further improvement in the job market for an economy still recovering from its worst downturn since the Great Depression.
The Bloomberg estimate was based on the average projection from 46 economists, whose estimates ranged from 408,000 to 435,000. The Labor Department also revised the figure for the prior week up from 427,000 to 430,000. Economists welcomed the report, saying that claims are still too high, but the decline indicates we may be heading in the right direction. Companies are not expected to significantly pick up hiring until the economy shows a firmer footing in a recovery.
Comments
Top Stories
Latest DT's
-
1 month ago by Geno -
1 month ago by dallaseste
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by dallaseste
Top Authors
Subscribe
Games
Alias
3 Foot Ninja 2
ALIAS 2
Air Dodge
Battle Tanks
Bomber Bob
Cable Capers
Gem Mania
Hacker
Hostile Skies
Mission Mars
Bowling
Samurai Warrior
The Pharoh's Tomb
Monkey Lander
Muay Thai
Action
Donkey Kong Banana Barrage
501 Dart Challenge
Rooftop Skater
Zelda
Donkey Kong
Xtreme Pinball
Tetris
Connect 4
Battleships
Frogger
Penguin Push
Online Video Poker
Spank The Monkey
Mob Pay Back
Dealer
Yeti Sports Seal Bounce
Hold Your Drink Steady
Solitaire
Canyon Glider
3D Sudoku
Metal Slug Rampage
Street Fighter II
Flashman
Disc Golf
Table Tennis
Ninja Air Combat
Celebrity Hitman Terrorist Alert
Spider Solitaire
Tubin
Presidential Knockout
Global Player
Ma Balls
Baseball
Beckham Fit
0 Comments
Click here to sign up now.