Intitial jobless claims drop, but continued claims rise
Today鈥檚 jobless claims showed a notable decline to initial unemployment claims and an increase to continued unemployment claims while seasonally adjusted initial claims remained below the closely watched 400K level.
Seasonally adjusted 鈥渋nitial鈥� declined to 377,000 claims from last week鈥檚 revised 389,000 claims while seasonally adjusted 鈥渃ontinued鈥� claims increased by 34,000 resulting in an 鈥渋nsured鈥� unemployment rate of 2.6%.
Since the middle of 2008 though, two federal government sponsored 鈥渆xtended鈥� unemployment benefit programs (the 鈥渆xtended benefits鈥� and 鈥淓UC 2008鈥� from recent legislation) have been picking up claimants that have fallen off of the traditional unemployment benefits rolls.
Currently there are some 2.82 million people receiving federal 鈥渆xtended鈥� unemployment benefits.
Taken together with the latest 3.06 million people that are currently counted as receiving traditional continued unemployment benefits, there are 5.88 million people on state and federal unemployment rolls.
