Today’s jobless claims report indicated a notable increase in initial jobless claims and a decline in continued unemployment claims as seasonally adjusted initial claims trended just below the closely watched 400K level.
Seasonally adjusted “initial” unemployment claims jumped by a notable 46,000 to 388,000 claims from a revised 342,000 claims for the prior week while seasonally adjusted “continued” claims dropped to 3.252 million resulting in an “insured” unemployment rate of 2.5%.
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 2.13 million people receiving federal “extended” unemployment benefits.
Taken together with the latest 2.78 million people that are currently counted as receiving traditional continued unemployment benefits, there are 4.91 million people on state and federal unemployment rolls.