New jobless claims down, but extended and continued claims jump
There are now some 8.23 million people on state and federal unemployment rolls.
Today’s jobless claims report showed a slight decline in initial claims and a jump in continued claims with a subtle flattening continuing to shape up for both series while total continued claims including federal extended benefits appear to be trending down.Skip to next paragraph
Writer, The PaperEconomy Blog
'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
Subscribe Today to the Monitor
Seasonally adjusted “initial” unemployment claims declined by 11,000 to 457,000 claims from last week’s revised 468,000 claims while “continued” claims increased by 81,000 resulting in an “insured” unemployment rate of 3.6%.
Since the middle of 2008 though, two federal government sponsored “extended” unemployment benefit programs (the “extended benefits” and “EUC 2008” from recent legislation) have been picking up claimants that have fallen off of the traditional unemployment benefits rolls.
Currently there are some 3.66 million people receiving federal “extended” unemployment benefits.
Taken together with the latest 4.57 million people that are currently counted as receiving traditional continued unemployment benefits, there are 8.23 million people on state and federal unemployment rolls.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.