Unemployment Claims Dip Despite Labor Woes

Employers Plagued By High Energy Costs, Credit And Housing Crises

(AP)  Fewer Americans signed up for unemployment benefits last week, but not enough to obscure continuing weakness in the country's labor market.

The Labor Department reported Thursday that new applications filed for unemployment insurance fell by a seasonally adjusted 58,000 to 346,000 for the week ending July 5. A year ago, the figure was lower, at 304,000, showing a deterioration in employment conditions.

A government analyst cautioned that last week's drop did not suggest a sudden improvement in the country's overall economic health. The decline was exaggerated because of adjustment problems related to temporary shutdowns at auto plants for retooling new assembly lines. The unadjusted, or actual raw figures, showed an increase of 30,000 claims for last week.

Economists were forecasting claims to dip to 395,000 last week, from a spike of 404,000 in the previous week.

The number of people continuing to draw unemployment benefits jumped by 91,000 to 3.2 million for the week ending June 28, the most recent period for which that information is available. That increase left such filings at the highest level since late December 2003. A year ago, the figure stood at 2.5 million.

Employers have been chafing under high energy prices and fallout from the housing and credit crises. As they try to cope with those problems and squeezed profits, they have cut back on hiring and other types of investments.

Cautious employers have cut jobs for six months straight, bringing total losses to 438,000 so far this year, the government reported last week. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.

The jobless rate in June held steady at 5.5 percent after jumping in May by the most in two decades. However, the unemployment rate is expected to climb to 6 percent or higher by early next year.

[whitemale08]

Of course unemployment claims dipped because everybody''s applying at WalMart.

And you don''t get laid off at WalMart you get fired so don''t qualify for unemployment.

There are no real jobs!

[mcv57]

And you don''''t get laid off at WalMart you get fired so don''''t qualify for unemployment.

There are no real jobs!

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Posted by whitemale08

There are professional job vacancies, its just there is not "real money." WalMart is no different from any other corporation - they all claim "you quite" so that you do not get benefits (State of Virginia will cook the books so that they can side with corporations).

[mcv57]

.... quit, it really does not make any difference anyway, unless you can afford an attorney to sue the state.

[lochlan-2009]

"Fewer Americans signed up for unemployment benefits last week"

And foreclosures are up 53% from last year. Sure looks like the people found good high paying jobs.

[future121]

Posted by whitemale08 at 09:38 AM : Jul 10, 2008
I agree. Also what about all those students who can no longer afford tuition and are unemployed and now hav eto pay back those $20,000+ loans at credit card rates that are variable? Those loans can never be wiped out by bankrupcy so thos epoor people are indentured for life---if they ever get a job.

[libh8er]

Lib whiners will never cease to sicken me. You people are no different than a big, steamy pile of horse squeeze.

[oregon_1]

From personnel experience the numbers don''t tell the truth. after you use up the employment insurance the government will keep you on record for two years then you get dropped. your no longer unemployed as far as they are concerned.A lot of people no longer are part of the system. not even a number. I haven''t worked for 2 1/2 years and don''t qualify for help. If I was an illegal Mexican I would get unlimited help money wise and free education,housing,employment help. The state of Oregon has made special money programs .they are written in Spanish for the illegals and administrated by Spanish speaking government workers or contractors. This is a liberal state that takes tax money to use on people who are not citizens. what is wrong with this picture?