Yesterday's jobless claims report showed an increase to initial unemployment claims and a decline to continued unemployment claims as a slight rising trend began to materialize for initial claims.
Seasonally adjusted “initial” unemployment increased 11,000 to 428,000 claims from last week’s revised 417,000 claims while seasonally adjusted “continued” claims declined by 12,000 resulting in an “insured” unemployment rate of 3.0%.
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 3.60 million people receiving federal “extended” unemployment benefits.
Taken together with the latest 3.43 million people that are currently counted as receiving traditional continued unemployment benefits, there are 7.04 million people on state and federal unemployment rolls.