Unemployment Claims Continue Plateau

Created: May 27, 2010 11:24 | Last updated: July 31, 2020 00:00

Weekly initial jobless claims fell to 460,000, down 14,000 from the prior week, the Labor Department announced this morning. Economists had expected unemployment claims to fall to 455,000. The four-week average fell a bit to 456,500. The drop is good news, in some sense, but the plateau in new jobless claims is worrying. The unemployment and underemployment rates remain very high, high enough to stall out the recovery. And initial jobless claims need to drop for the unemployment rate to recede. Joe Weisenthal at Business Insider shows the plateau with this graph:

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