August 28, 2009: Update on the Labor Market
Yesterday, the Department of Labor released its latest report on weekly unemployment-insurance claims. For the week ending August 22, the seasonally adjusted claims figure was 570,000. That's right; more than half a million Americans made an initial claim for unemployment insurance.
But, DOL continues, that is good news, because this figure was down an amazing 10,000 from the previous week, and the 4-week moving average fell by 4,750 to only 566,250. I'm sure each and every one of those workers is so relieved that the economic ship of state is taking on water at a slightly slower pace.
Of course, buried in a table is the comparable figure for one year ago: 433,000. So we are losing 140,000 more jobs per week than a year ago, but things are improving.
Yet another green shoot!
