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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

New jobless claims drop by 3,000 but remain stubbornly high

New jobless claims filed last week fell by 3,000 to 456,000, another sign that unemployment remains stuck stubbornly high.

The four-week moving average of new claims, which smooths out week-to-week volatility, rose by 2,500 to 463,000.

The number of people receiving continuing claims -- a measure of long-term unemployment -- dropped to 4.46 million, the lowest figure since December 2008.

The national unemployment rate is 9.7 percent, down from 9.9 percent the previous month. More than 400,000 new jobs were added to the economy in May, but almost all of those were census workers, a clear sign that the private sector is still too spooked by the economy to start hiring again.

Economists say that meaningful job creation by the private sector cannot occur until the weekly jobless claims number gets down into the low 400,000s or upper 300,000s and stays there.

By Frank Ahrens  |  June 10, 2010; 8:56 AM ET
Categories:  Unemployment  
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Comments

Did you mean to say "Economists say that meaningful job creation by the private sector is not occuring until the weekly jobless claims number gets down into the low 400,000s or upper 300,000s and stays there."

I don't see how high jobless claims would be the cause of jobs not being created, so much as a sign that jobs aren't being created.

Posted by: cuadro | June 10, 2010 9:31 AM | Report abuse

How does anyone know if the drop in people continuing to receive bennies means less long term UE or if it means that those people had their bennies run out?

Answer: no one knows but this is the second article I have seen where it is accepted on faith to be a "measure of long-term UE".

Posted by: standard_guy | June 10, 2010 10:27 AM | Report abuse

I am not one of the unemployed however see the need for Unemployment extensions...

I mean really yahoo only 460,000 more people on unemployment this week. How is that good new? Down from 3,000 from last week. But wait only 41,000 jobs added last month?

... Congress needs to be held accountable for the their failure to create a jobs bill and a jobs market.

extending Unemployment is not the answer however it what is needed. the Answer is to create jobs, which will take Congress to place hire taxes on any company that out sources jobs over seas, higher taxes on any funds leaving the US and higher tariffs on imports.

Until then we have to pay out unemployment for the failure of our leaders.

Support unemployment here, it is one of Change.org highest all time petitions.

http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits

Posted by: Tim_incubator | June 10, 2010 10:39 AM | Report abuse

The title of the article implies that claims only fell by 3000 and thus the total number of claims remains high. This I can go along with.

I have an issue with the first sentence of the article. The fact that jobless claims FALL by 3000 does not serve well as an indicator that unemployment is stubbornly high.

One sign of "stubbornness" could be the moving average of the actual number of unemployed over the last 20, 30 or 40 weeks.

Posted by: Jessica_O | June 10, 2010 10:41 AM | Report abuse

Clean Energy Technologies creates Jobs, Private Investment and Tax Revenue while Producing Products we can sell to the world. Creating Clean Energy Jobs producing products we can sell will reduce our national debt. China is happy to keep subsidizing our debt so we can purchase products made in China.

When over Ten Million are Recently Unemployed, when Troops are Dying in Two Wars, when Americans are in need, it's time for those of us with Jobs and who are not in War Zones risking our lives, to step up to the Plate and Help Pay to create the Clean Energy Jobs and Employment Opportunities our Country needs.

We must End Bush era $2 Trillion in tax cuts, End the $15 Billion a year in feedstock and Cotton Subsidies, End Fossil Fuel Subsidies for Multi-Billion dollar profiteering Oil companies; and Tax Large Scale (Oil, Coal, Livestock) Polluters and Imported Oil to Pay for new Jobs legislation.

Just like paying for a College education to insure a decent job, you’ve got to pay and invest in Job Creating Policies and Industries. This is how we Preserve Clean Land, Water, and Jobs for our Children, while freeing them from Debt.

Posted by: liveride | June 10, 2010 11:16 AM | Report abuse

>Economists say that meaningful job creation by the private sector cannot occur until the weekly jobless claims number gets down into the low 400,000s or upper 300,000s and stays there.<

Dudes, Wake UP!!!, millions and millions of jobs are GONE.... 50-70 million and the past 15 years ( out sourcing ) . and your waiting for the numbers to reach 300,000 of new claims, to say the economy is doing good, Dude, that how many jobs are left, and those people whom are OFF unemployment and want to work, DON'T COUNT IN THE STAT'S, Right ? ( They NEVER Have ) Too Scary !!!!!, would freak out Wall Street.. you mean it would FREAK out the us "WE THE PEOPLE"

Here what you do Washington Post, Run a FUll Page Ad, in all 50 States, with a 800#, for those Americans whom are OFF Unemployment, and NOT working, but want to work, to call that number and be counted. ( WHAT THAT? ) there would be to many calling in, like 40-50% of America is unemployed....

Dude, working part-time, at Burger World, does not count as being employed to sustain a family.

let me break it down for you... the avg kid out of high school, that wants to get his own pad, and live .. needs a bear min of about $1400.00 a month take home (in most areas, more in others), with no car payment. yikes. get that from a Major Retail Store, or Burger Job... HA !

The Cost of Living, is So Far, off the Charts, Don't get me started about Medical & Dental Cost... the kid better hope he has some insurance or he's screwed...

-later


Posted by: Rick0009 | June 10, 2010 11:53 AM | Report abuse

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