New jobless claims drop to lowest level since July 2008
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
The number of recently laid-off workers filing for jobless benefits dropped last week to the lowest level since July 2008, sparking hope that the job market could be on the mend.
New unemployment claims have been sliding steadily for months, but fell last week by 22,000 to a seasonally adjusted 432,000, according to data from the U.S. Labor Department. Continuing claims from those who have been out of work longer, excluding jobless claimants using extended benefits, dropped 57,000 to 4.9 million as of Dec. 19, the lowest point since February.
Though the data could be influenced by seasonal factors such as bad weather or the holiday retail rush, the steady downward trend in claims suggests that employment could be improving along with the economy. Tennessee had the largest plunge in initial claims of all the states, with 2,972 fewer. Illinois followed with a drop of 2,923, due to fewer layoffs in industries such as construction, trade and manufacturing.
Michigan, however, had the most significant bump in claims -- an increase of 8,382 -- due largely to rising layoffs in the auto industry. California had the next highest increase, with 7,317 more claims as a result of layoffs in construction and service, among other reasons. Florida, Iowa and Missouri saw the next-largest boosts.
-- Tiffany Hsu
