New Jobless Claims Remain Elevated
This morning, the Department of Labor reported that weekly initial unemployment insurance claims declined to 457,000, from 468,000 last week. The moving average decreased to 452,000. The number of people collecting unemployment insurance increased to 4.57 million.
The initial claims number needs to fall into the 300,000s to bring down the overall unemployment rate, economists say. It has remained sustained around 450,000 since January, while the unemployment rate has not dropped below 9.5 percent.