Market Overview

Sharp Decrease In Claims For Jobless Benefits

Share:
Sharp Decrease In Claims For Jobless Benefits

General Motors, among other manufacturers, is skipping their usual two week summer shutdowns, allowing the Labor Department to report that new claims for jobless benefits had dropped by 29,000 to 429,000, the lowest level since August 2008, according to The Associated Press.

This was the second straight week that initial claims dropped significantly (last week claims dropped by 17,000), and it was the third drop in the last four weeks. This would normally be a positive sign that the job market is improving, but the trend must continue for several more weeks before any conclusions can be drawn.

This drop could be the result of temporary seasonal factors, even though manufacturing companies reported fewer layoffs earlier this year. The peak number of claims was 651,000 in March 2009, and normal levels typically fall below 400,000, according to the Labor Department.

Posted-In: General Motors jobless benefits labor department UnemploymentNews Markets

 

Related Articles

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com