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Education Title: Number of U.S. Jobless Claims Falls to Lowest Level in a Month April 29 (Bloomberg) -- Fewer Americans filed claims for unemployment benefits last week, a sign the economic rebound is lifting the labor market. Initial jobless claims fell by 11,000 to 448,000 in the week ended April 24, in line with the median forecast of economists surveyed by Bloomberg News and the lowest level in a month, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance and those getting extended payments decreased. Firings are easing, and companies such as Caterpillar Inc. are adding staff, as sales improve from the U.S. to China. Gains in employment, by supporting consumer spending, make it more likely the economic expansion that began in the middle of last year will be sustained. “The jobs picture is clearly improving,” Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit, said before the report. “Businesses are seeing a pickup in demand and hiring is starting to increase. Employment growth is critical to sustain the momentum of this recovery.” Jobless claims were projected to drop to 445,000 from 456,000 initially reported for the prior week, according to the median forecast of 47 economists in a Bloomberg News survey. Estimates ranged from 430,000 to 460,000. The four-week moving average of initial claims, a less volatile measure than the weekly figures, rose to 462,500 last week from 461,000.
Benefit Rolls
The number of people continuing to receive jobless benefits dropped by 18,000 in the week ended April 17 to 4.65 million. They were forecast to drop to 4.62 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 91,000 to 5.4 million in the week ended April 10. The unemployment rate among people eligible for benefits, which tends to track the jobless rate, held at 3.6 percent in the week ended April 17. Ten states and territories reported an increase in claims, while 43 reported a decrease, led by New York and California, which reported fewer firings among service industries. 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.
Fed Outlook
Federal Reserve officials yesterday restated their intention to keep the benchmark interest rate near zero for an “extended period” and saw signs of life in the labor market. “The labor market is beginning to improve,” policy makers said in a statement. “Growth in household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit.” Factory managers foresee payrolls increasing 5.2 percent for the rest of the year, more than previously estimated, according to the Institute for Supply Management’s semiannual survey issued this week. Services providers, which account for almost 90 percent of the economy, project a 0.1 percent reduction in staff. Payrolls probably rose again in April following a gain of 162,000 in March that was the biggest in three years, according to the Bloomberg survey median. The unemployment rate held at 9.7 percent for a fourth month, economists in the survey projected. The Labor Department figures are due May 7. Caterpillar, the world’s largest maker of construction equipment, had its first earnings increase in seven quarters as demand rose, and said it will bring back at least 9,000 jobs this year of the 19,000 it cut globally in 2009. The Peoria, Illinois-based company has added about 1,500 workers since year- end because of higher production, including 600 in the U.S. “We enjoy hiring people and growing our business, and we’re delighted to see that opportunity coming back,” Chief Executive Officer Jim Owens said in a Bloomberg Television interview on April 26. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest It's the economy, stupid!!! (laughing) #67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace Top • Page Up • Full Thread • Page Down • Bottom/Latest |
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