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U.S. jobless claims drop 29,000 but still over 400,000


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U.S. jobless claims drop 29,000 but still over 400,000

2011-05-19 21:09:29 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- Initial claims for unemployment insurance in the U.S. dropped to 409,000 in the week ending May 14, which represents a decrease of 29,000 compared to the previous week, the U.S. Labor Department (DOL) said on Thursday.

The report marks the second consecutive week of decreasing jobless claims, indicating the end of spring break temporary layoffs. This week's decreasing numbers also surpassed economists' forecast, but unemployment claims continue over 400,000.

In addition, the latest DOL report shows that the 4-week moving average was 439,000, an increase of 1,250 from the previous week's revised average of 437,750.

The department also revealed that those unemployed with unemployment insurance for the week ending May 7 remained unchanged compared to the previous week at a 3.0 percent rate.

According to the DOL document, there was a decrease of 81,000 in the number of workers who claimed benefits under regular state unemployment programs, totaling 3,711,000 during the week ending May 7, while the 4-week moving average was 3,728,250, an increase of 750 from the preceding week's revised average of 3,727,500.

Meanwhile, the unadjusted, advance number of actual initial claims under state programs, unadjusted, totaled 357,872 in the week ending May 14, a decrease of 39,865 from the previous week. There were 414,572 initial claims in the comparable week in 2010.

The total number of people claiming benefits in all programs for the week ending April 30 was 7,936,548, a decrease of 47,124 from the previous week.

The highest insured unemployment rates in the week ending April 30 were in Alaska (5.8 percent), Puerto Rico (5.6), Oregon (4.3), Pennsylvania (4.1), California (4.0), New Jersey (3.9), Wisconsin (3.9), Nevada (3.7), Connecticut (3.7), Idaho (3.6), and Rhode Island (3.6).

The largest increases in initial claims for the week ending May 7 were in Alabama (+5,767), California (+4,015), Puerto Rico (+3,124), Michigan (+3,122), and Mississippi (+1,666), while the largest decreases were in New York (-23,445), Wisconsin (-3,556), Ohio (-3,014), Connecticut (-2,693), and New Jersey (-1,599).

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-- © BNO News All rights reserved 2011-05-19

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