Unemployment claims climb in soft economy
Unemployment insurance claims rise 10,000 to 424,000 for workers just laid off. But the number of Americans continuing to receive unemployment insurance benefits fall.
After falling earlier in the year, initial unemployment insurance claims have climbed back over 400,000.
SoldAtTheTop
showed an increase to initial unemployment claims and a decline to continued unemployment claims as a rising trend continued to materialize for initial claims.
Seasonally adjusted 鈥渋nitial鈥� unemployment increased by 10,000 to 424,000 claims from last week鈥檚 revised 414,000 claims while seasonally adjusted 鈥渃ontinued鈥� claims declined by 46,000 resulting in an 鈥渋nsured鈥� unemployment rate of 2.9%.
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 4.04 million people receiving federal 鈥渆xtended鈥� unemployment benefits.
Taken together with the latest 3.58 million people that are currently counted as receiving traditional continued unemployment benefits, there are 7.63 million people on state and federal unemployment rolls.
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