Today’s jobless claims report showed declines for both initial and continued jobless claims as initial claims dropped below the closely watched 400K level.
Seasonally adjusted “initial” unemployment claims declined by 23,000 to 393,000 claims from a revised 416,000 claims for the prior week while seasonally adjusted “continued” claims declined by 70,000 claims to 3.287 million resulting in an “insured” unemployment rate of 2.6%.
Since the middle of 2008 though, two federal government sponsored “extended” unemployment benefit programs (the “extended benefits” and “EUC 2008” from recent legislation) have been picking up claimants that have fallen off of the traditional unemployment benefits rolls.
Currently there are some 2.15 million people receiving federal “extended” unemployment benefits.
Taken together with the latest 2.94 million people that are currently counted as receiving traditional continued unemployment benefits, there are 5.10 million people on state and federal unemployment rolls.
Today’s Employment Situation Report indicated that in May, net non-farm payrolls increased by 175,000 jobs overall with the private non-farm payrolls sub-component adding 178,000 jobs while the civilian unemployment rate increased slightly to 7.6% over the same period.
