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Jobless claims see a much needed drop - down from 16-year high

2008-11-28 16:20:41 (GMT) (Caymanmama.com - Business News)

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Government reports jobless claims have dropped from a 16-year high

Cleveland, Ohio (CaymanMama.com) — The government delivered good news on Wednesday reporting that jobless claims have dropped from a 16-year high, falling more than originally anticipated. Still, unemployment rates are still at elevated levels due to a sagging economic state.

The report was one of four released by the government that painted a grim overall picture of the economy.

According to the Associated Press, “The Labor Department reported that initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week’s upwardly revised figure of 543,000. That is lower than analysts’ expectations of 537,000.”

The silver lining to the dark cloud was that the number of those claiming unemployment dropped to 3.96 million, from the previous week’s amount of 4.02 million — the highest level in a quarter century. The labor market has risen by nearly half since 1983.

Economy analysts find that jobless claims are a true sign of how quickly businesses are laying off employees. Those who are fired or quit are then ineligible for unemployment benefits.

“We see nothing to suggest claims are near their peak,” Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a research note. “The trend is still strongly upwards.”

The nation’s financial systems have been hardest hit recently by the housing crash and crumbling economic crisis, leading consumers and companies to cut back on expenses–including workforce.



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