Unemployment claims drop by 13,000(Read article summary)
Initial unemployment claims declined by 13,000 and continued claims by 100,000 to well below the closely watched 400,000 level.
Yesterdayâ€™s jobless claims report showed a decline to both initial and continued unemployment claims as seasonally adjusted initial claims continued to trend well below the closely watched 400K level.
Seasonally adjusted â€śinitialâ€ť unemployment declined 13,000 to 348,000 claims from last weekâ€™s revised 361,000 claims while seasonally adjusted â€ścontinuedâ€ť claims declined by 100,000 resulting in an â€śinsuredâ€ť unemployment rate of 2.7%.
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 3.47 million people receiving federal â€śextendedâ€ť unemployment benefits.
Taken together with the latest 4.09 million people that are currently counted as receiving traditional continued unemployment benefits, there are 7.57 million people on state and federal unemployment rolls.