Last week, unemployment claims fell slightly. However, jobless claims seem to be driven by slow hiring. According to the Labor Department, first-time jobless claims fell last week to 366,000 from 371,000 the previous week. First-time jobless claims are extremely important to the economy because they are considered a proxy for layoffs. Over the last month, jobless claims have bounced around, making the state of the job market recovery unclear to economists.
January’s early jobless claims plummeted to a five-year low, but have shot back up in the past few weeks. Currently they are hovering in the same range they have been for most of the last year, between 350,000 – 400,000 per week. According to an economist at BMO Capital Markets, businesses are still extremely cautious about hiring new employees. The Labor Department also records people who file continuing unemployment claims. During the week ending January 26th, 3.2 million people filed continuing unemployment claims.
To read more on this story visit: http://money.cnn.com/2013/02/07/news/economy/unemployment-benefits/index.html
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