Last week's claims for unemployment benefits remained stable, which may not improve beliefs by economists that job growth has decelerated, says Reuters. According to the Labor Department, state unemployment claims persisted at 370,000.
The numbers from the previous week was increased to 370,000 from 367,000. According to a Reuters' poll of several economists, many had predicted that claims would go down to 365,000. However, it seems that the job market has come to a halt in terms of in terms of those managing to find secure employment.
Unfortunately, many economists think the April report provided an "overly dim view of the economy". They believe that the reason behind the lackluster job numbers may be a kind of "payback for a mild winter" that saw a large of openings come about.
According to a spokesperson from the Labor Department official, nothing was considered abnormal in the "state-level claims" report. For the first week of May, it has been estimated that the amount of people still obtaining unemployment benefits in the state system saw a surge of 18,000 reaching 3.27 million. In terms of Americans that are currently receiving emergency unemployment benefits, the number fell 22,150 going to 2.67 million the last week of April.
The amount of unemployed individuals acquiring extended benefits also decreased by 45,824 down to 304,755. The majority of the states that provided the extended benefits program after the recession discontinued that eligibility this year due to the labor market either progressing or steadying.
Essentially, if people continue to get dropped from receiving benefits and relinquish their search for a job, the unemployment rate may in fact go down for reasons other than an improving economy. Furthermore, the number of Americans that either have a job or are still on the hunt for some form of employment decreased to a 30-year low in April.
The overall number of people receiving unemployment was at 6.27 million that last week of April, a 149,759 decrease from the previous week.
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