Jobless claims: initial claims jump 43,000 from last week(Read article summary)
Jobless claims report shows an increasing number of both initial and continued unemployment claims
Todayâ€™s jobless claims report showed a stark jump to initial unemployment claims and an increase to continued unemployment claims as a notable rising trend continued to materialize for initial claims.
Seasonally adjusted â€śinitialâ€ť unemployment increased by 43,000 to 474,000 claims from last weekâ€™s revised 431,000 claims while seasonally adjusted â€ścontinuedâ€ť claims increased by 74,000 resulting in an â€śinsuredâ€ť unemployment rate of 3.0%.
Since the middle of 2008 though, two federal government sponsored â€śextendedâ€ť unemployment benefit programs (the â€śextended benefitsâ€ť and â€śEUC 2008â€ť from recent legislation) have been picking up claimants that have fallen off of the traditional unemployment benefits rolls.
Currently there are some 4.12 million people receiving federal â€śextendedâ€ť unemployment benefits.
Taken together with the latest 3.78 million people that are currently counted as receiving traditional continued unemployment benefits, there are 7.90 million people on state and federal unemployment rolls.
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