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Weekly jobless claims fall 11,000 to 457,000
July 29, 2010 10:22 AM
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By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) -- The number of people applying for initial state unemployment insurance benefits fell 11,000 to 457,000 in the week ended July 24, the Labor Department reported Thursday.
Economists surveyed by MarketWatch had expected an initial claims level of 460,000. The four-week average of initial claims -- a better gauge of employment trends than the volatile weekly number -- fell 4,500 to 452,500, reaching the lowest level since May.
Seasonal adjustment problems have caused recent volatility in the data.
However, "claims appear to have reverted to their downward trend after the volatility observed during the previous two weeks," wrote analysts at Barclays Capital Research in a research note.
Continuing claims in the week ended July 17 rose 81,000 to 4.57 million. The four-week average of these continuing claims fell 18,000 to 4.55 million, hitting the lowest level since late December 2008.
Initial state claims are about 21% below the prior's year level. The level of continuing claims is about 26% less than in the prior year.
The claims data measure the number of workers who lost their jobs through no fault of their own and were eligible for unemployment benefits. Elevated claims have been a sore point for the recovery, and economists expect slow growth as the economy recovers.
The total number of people collecting some type of unemployment benefits in the week ended July 10 was about 8.3 million, down about 82,000 from the prior week.
In recent weeks some workers lost the safety-net support payments since special federally-funded benefits started to phase out at the end of May. Although Washington recently approved retroactively extending federal jobless benefits it will take some time before the weekly payments resume for some workers.