Thursday, May 07, 2009

Thursday Is New Jobless Day

Closest thing to good news in the labor market yet, but we're still in holy crap territory and continuing claims are at new record.
The number of U.S. workers filing new claims for jobless aid unexpectedly fell by 34,000 last week, Labor Department data showed on Thursday, while a four-week average of new claims declined for a fourth straight week. Initial claims for state unemployment insurance benefits dropped to a seasonally adjusted 601,000 in the week ended May 2 from a revised 635,000 the prior week, the Labor Department said. It was the lowest reading since late January.