Thursday, July 29, 2010

Jobless Claims Dip Because....

Initial jobless claims declined by 11,000 to 457,000 last week, but that followed a big rise the previous period, signaling little improvement in the job market.

Most significantly, according to the Labor Department's report , the number of continuing claims -- those drawn by workers for more than one week in the week ended July 17 -- increased by 81,000 to 4,565,000 from the preceding week's revised level of 4,484,000.

The largest decrease in claims occurred in New York, which saw claims fall by 19,552 in the week ended July 17 due to fewer layoffs in the transportation and service sectors. Other states with large decreases included Indiana, Michigan, Pennsylvania and Florida.

The largest increase in claims for the week ended July 17 occurred in California, which saw claims rise by 19,809 due to layoffs in the service sector. Other states with large increases included South Carolina, North Carolina, Illinois and Tennessee.

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