Jobless claims drop below 400k
Jobless claims declined by 23,000 to 393,000 from a revised 416,000 jobless claims for the prior week.
This graph shows total continued unemployment claims since 2010. Currently there are more than 2 million people receiving federal extended unemployment benefits.
SoldAtTheTop
Today’s jobless claims report showed declines for both initial and continued jobless claims as initial claims dropped below the closely watched 400K level.
Seasonally adjusted “initial” unemployment claims declined by 23,000 to 393,000 claims from a revised 416,000 claims for the prior week while seasonally adjusted “continued” claims declined by 70,000 claims to 3.287 million resulting in an “insured” unemployment rate of 2.6%.
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'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.
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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 2.15 million people receiving federal “extended” unemployment benefits.
Taken together with the latest 2.94 million people that are currently counted as receiving traditional continued unemployment benefits, there are 5.10 million people on state and federal unemployment rolls.
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