Jobless claims fall as House set to extend benefits

With the House poised to act today on a bill extending jobless benefits, the White House got some good news as the number of first-time unemployment claims fell to the lowest level in 10 months.

The Labor Department said this morning that first-time claims fell by 20,000 to a seasonally adjusted 512,000, better than most forecasts.

 The four-week average, which smooths fluctuations, dropped to 523,750, its ninth consecutive fall and about 135,000 below April’s top.

The good news on jobless claims comes as the nations braces for the monthly unemployment rates, to be released on Friday. The current jobless rate is 9.8% but is expected to top 10% before the economy creates enough new jobs to force down the rate.

The House is expected to act today on a $24-billion bill that will extend jobless benefits and contains some business tax credits. It also includes a provision to extend the home buyers tax credit.

The Senate passed the measure 98-0 this week.

--Michael Muskal
Twitter.com/LATmuskal

Comments

[Tony B]

I lost my job last December. I lost my unemployment benefits in June because of California's way of calculating eligibility. I've been unable to receive any of the legislated extended benefits, unable to find another job, and unable to report myself as unemployed for the sake of statistical purposes. In other words, I don't exist in any ways that matter according to my government. I've exhausted my savings and continue to have a roof over my head by borrowing and adding debt so that if and when I'm lucky enough to find a job, I'll have no money to spend on myself and my needs in the future. Used to be frustrated people considered themselves just another statistic. Now, I'd be lucky if I were still one.

[cya]

This is all a show. The senate never addressed the fact that all extended benefits end Dec 2009. How can you flaunt giving14wks or 20 wks when everything expires in 7. Most of the population will be left to fend for themselves on 1/1/2010. Next election, the Senators should be unemployed since they believe their constituents cant do basic math!

[Frank Fitton]

No hiring, but at least not as many firings. That's something I can be moderately happy with. It’s all about progress and as long as we’re headed in the right direction there really isn’t a reason to complain to much. For people that don’t have jobs and are actively looking, I know that’s a tough pill to swallow. As long as we’re headed in the right direction though you can rest assured that if you want to work it will eventually be there for you. Right now its just about doing enough to weather the storm.

That’s why the Senate passed a bill yesterday that extended unemployment benefits. That bill is an attempt to help people ride out this last patch of bad times.

A few months of decreasing numbers of new jobless people and our unemployment rate will eventually hit its peak. Only once that peak is reached can we start to see a decrease in the actual overall unemployment numbers. Remember though, that this recession did not happen in a day, and our recovery is not going to happen in a day either.

Check out my blog on the jobs report at...
http://www.thedebtgazette.com/2009/11/jobless-numbers-see-marked-improvement/