Economy
See other Economy Articles
Title: More Americans Unexpectedly File Claims for Jobless Benefits
Source:
BBG
URL Source: http://bloomberg.com
Published: May 20, 2010
Author: Timothy R. Homan
Post Date: 2010-05-20 08:32:20 by war
Keywords: None
Views: 939
Comments: 1
May 20 (Bloomberg) -- More Americans unexpectedly filed applications for unemployment benefits last week, showing firings remain elevated even as employment climbs. Initial jobless claims rose by 25,000 to 471,000 in the week ended May 15, exceeding the median forecast of economists surveyed by Bloomberg News and the highest level in a month, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance and those getting extended payments fell. Some companies are trimming payrolls to boost or maintain profits, even as employers have added jobs each month this year. Unemployment may take time to recede as more jobseekers enter the workforce and fail to find work. “Claims remain uncomfortably high,” Aaron Smith, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “The improvement in continuing claims has slowed noticeably.” Applications were projected to drop to 440,000 from 444,000 initially reported for the prior week, according to the median forecast of 44 economists in a Bloomberg survey. Estimates ranged from 425,000 to 448,000. The Labor Department revised the prior week’s figure up to 446,000. There were no special factors behind the jump in claims last week, a Labor Department spokesman said. The four-week moving average, a less volatile measure than the weekly figures, climbed to 453,500 last week from 450,500, today’s report showed. Benefit Rolls The number of people continuing to receive jobless benefits fell by 40,000 in the week ended May 8 to 4.63 million. They were forecast to drop to 4.61 million. The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs. Those who’ve used up their traditional benefits and are now collecting emergency and extended payments decreased by about 73,000 to 5.34 million in the week ended May 1. The unemployment rate among people eligible for benefits, which tends to track the jobless rate, held at 3.6 percent in the week ended May 8. Eighteen states and territories reported a decrease in claims, while 35 reported an increase. These data are reported with a one-week lag. Initial jobless claims reflect weekly firings and tend to fall as job growth -- measured by the monthly non-farm payrolls report -- accelerates. That relationship has broken down in recent months as some companies continue to cut staff, while others expand, pointing to an uneven recovery. Payrolls Jump Payrolls increased by 290,000 in April, the most in four years, according to figures from the Labor Department this month. Unemployment climbed to 9.9 percent from 9.7 percent as thousands of jobseekers entered the workforce. Companies such as H&R Block Inc. are cutting jobs. The biggest U.S. tax preparer said yesterday about 400 positions are being eliminated throughout the organization as it realigns its field and corporate support organization. The Kansas City, Missouri-based company has closed about 400 under-performing tax offices out of its network of 11,000 retail tax locations. Other employers have expanded payrolls on stronger demand. Caterpillar Inc., the world’s biggest construction equipment maker, expects sales to increase this year as exports rebound, Chief Executive Officer Jim Owens said May 5. The company said last month it has added about 1,500 jobs since year-end because of higher production volume, including 600 in the U.S.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: war (#0)
How can this be possible? Obama and the democrats care about the needy! They should all have been taken care of by now! Sneakypete, have you ever been married? Said things you later regretted?
More Americans Unexpectedly File Claims for Jobless Benefits
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]