Number of New Jobless Claims Drops
The number of new jobless claims dropped 33,000 last week to 521,000, a sign that unemployment may be beginning to crest.
Forecasters predicted 540,000 new jobless claims would be filed last week, so the new number comes in well below that.
Also, continuing jobless claims last week fell to 6.04 million from 6.11 million the week before.
The four-week moving average for new jobless claims dropped by 9,000 last week. All these figures come from the Labor Department.
Last week's number is better than the figures that were coming in in January and February of this year, when 700,000 claims per week were being filed. But the recovery can't get any real traction until the number falls into the 400,000s.
Last week, the Labor Department reported that the official U.S. unemployment rate had risen to 9.8 percent in September, up from 9.7 percent in August. Economists predict the number will crest somewhere above 10 percent.
-- Frank Ahrens
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October 8, 2009; 8:44 AM ET
Categories: The Ticker | Tags: jobless claims, unemployment
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