Jobless claims drop below 400k(Read article summary)
Jobless claims declined by 23,000 to 393,000 from a revised 416,000 jobless claims for the prior week.
Todayâ€™s jobless claims reportÂ showed declines for both initial and continued jobless claims as initial claims dropped below the closely watched 400K level.Â
Seasonally adjusted â€śinitialâ€ť unemployment claims declined by 23,000 to 393,000 claims from a revised 416,000 claims for the prior week while seasonally adjusted â€ścontinuedâ€ť claims declined by 70,000 claims to 3.287 million resulting in an â€śinsuredâ€ť unemployment rate of 2.6%.Â
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.Â
Currently there are some 2.15 million people receiving federal â€śextendedâ€ť unemployment benefits.Â
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.Â