You are so full of it! Who told you that? Millions of People left the workforce and unemployment is still at terrible highs.
DATA SNAP: US Jobless Claims -27K In April 28 Week
Last update: 5/3/2012 8:30:00 AM
By Jeffrey Sparshott and Eric Morath Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The number of U.S. workers filing new applications for unemployment benefits fell to its lowest level in a month last week, a hopeful sign for a labor market that has shown signs of weakening.
Initial jobless claims dropped by 27,000 to a seasonally adjusted 365,000 in the week ended April 28, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast 378,000 new claims.
It was the biggest fall since May 2011 and follows three weeks of disappointingly high readings.
The prior week's claims were revised to 392,000--the highest since late November--from the initially reported 388,000.
The four-week moving average of claims, which smoothes out week-to-week volatility, increased by 750 to 383,500.
After a strong start to the year, the U.S. economy has been flashing mixed signals. Interpreting the data has been complicated by an unseasonably warm winter.
In March, U.S. employers added 120,000 nonfarm jobs, half of what they added in February. The Labor Department releases April's payroll numbers Friday--analysts forecast the addition of 168,000 jobs and a steady unemployment rate at 8.2%.
The Federal Reserve, charged with maintaining price stability and achieving maximum employment, last week forecast that the unemployment would fall to somewhere between 7.8% and 8.0% by the end of this year, and 7.3% to 7.7% next year.
If the labor market doesn't improve, the Fed could reconsider measures to stimulate the economy. "If unemployment looks like it's no longer making progress, that will be an important consideration in thinking about policy options," Fed Chairman Ben Bernanke said last week.
Thursday's report showed the number of continuing unemployment benefit claims--those drawn by workers for more than a week--decreased by 53,000 to 3,276,000 in the week ended April 21. Continuing claims are reported with a one-week lag.
The unemployment rate for workers with unemployment insurance for the week ended April 21 was unchanged at 2.6%.
A Labor Department economist said there was nothing unusual in the latest data.
The Labor Department report on jobless claims can be accessed at: dol.gov.
--By Jeffrey Sparshott and Eric Morath; Dow Jones Newswires; 202-862-9291; jeffrey.sparshott@dowjones.com
(END) Dow Jones Newswires
May 03, 2012 08:30 ET (12:30 GMT) |
