New Claims for Unemployment Benefits Drop, Hit Lowest Level in Two Months
Tom Diemer
Correspondent
Posted:
07/8/10
A little good news for the so-called Recovery Summer: The Labor Department said Thursday that first-time claims for unemployment benefits dropped by 21,000 last week -- a sign that layoffs could be slowing, with new claims at their lowest level since early May.
Even so, 454,000 Americans filed initially for jobless benefits during the week that ended July 3, the government said, and populous eastern states like New Jersey, Massachusetts, New York and Florida saw increases in new claims.
In addition, the Associated Press said some 350,000 people lost jobless benefits during the week of June 19, when Congress failed to reach agreement on legislation extending emergency unemployment insurance.
The report on new jobless claims "is good news," the global banking concern BNP Paribas said in a note to clients, but "it would need to be followed up by several more weeks to suggest a pickup in hiring."
Even so, 454,000 Americans filed initially for jobless benefits during the week that ended July 3, the government said, and populous eastern states like New Jersey, Massachusetts, New York and Florida saw increases in new claims.
In addition, the Associated Press said some 350,000 people lost jobless benefits during the week of June 19, when Congress failed to reach agreement on legislation extending emergency unemployment insurance.
The report on new jobless claims "is good news," the global banking concern BNP Paribas said in a note to clients, but "it would need to be followed up by several more weeks to suggest a pickup in hiring."