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Jobless who get benefits most since '82; 4.5 million figure is expected to grow
Jobless who get benefits most since '82; 4.5 million figure is expected to grow
The number of laid-off workers continuing to draw unemployment benefits bolted in late December to 4.5 million, and even more Americans are expected to join the ranks of the jobless in 2009.
While first-time applications for jobless benefits dropped last week, economists mostly attributed that to the Christmas holiday and cautioned that a more accurate picture of new layoff filings will become clear in mid-January.
"It wasn't a very merry Christmas for most of the labor force and it doesn't look like it will be a very happy new year, either," said Richard Yamarone, economist at Argus Research.
The Labor Department's report showed that people continuing to draw unemployment benefits jumped by 140,000 to 4.5 million for the week ending Dec. 20, the most recent information available. The larger-than-expected increase underscored the difficulties of finding new jobs.
That left continued claims at their highest since early December 1982, when the country was emerging from a deep recession, though the labor force has grown by about half since then.
A year ago, the number of people continuing to draw jobless benefits was 2.7 million.
The report also showed that the number of newly laid-off workers filing first-time applications for jobless benefits dropped by a seasonally adjusted 94,000 to 492,000 for the week ending Dec. 27.
But that decline didn't signal any improvement in labor conditions. The drop - while
bigger than economists expected - was mostly related to seasonal adjustment difficulties and reflected some out-of-work people not making it to unemployment offices to file claims over the Christmas holiday, analysts said.
Even with the drop, new filings remained elevated. A year ago, claims stood at 339,000.
Similarly, the four-week moving average of first-time jobless claims, which smooths out week-to-week fluctuations, fell last week to 552,250, a decrease of 5,750 from the prior week. A year ago, this figure was 344,500.
Economists expected so-called "continued" claims to rise to about 4.38 million, and that first-time applications for unemployment benefits would drop to about 550,000.
Economists predict the situation will get worse before it gets better.
Brian Bethune, economist at IHS Global Insight, predicts first-time filings for jobless benefits will climb back up to 550,000 or higher in the middle of January and stay in that elevated range for some time.
Meanwhile, the nation's unemployment rate - which zoomed to a 15-year high of 6.7 percent in November - is expected to rise to 7 percent in December when the government releases that report next week. If that proves correct, it would be the highest level since June 1993.
http://www. dailynews. com/ci_11347108
The number of laid-off workers continuing to draw unemployment benefits bolted in late December to 4.5 million, and even more Americans are expected to join the ranks of the jobless in 2009.
While first-time applications for jobless benefits dropped last week, economists mostly attributed that to the Christmas holiday and cautioned that a more accurate picture of new layoff filings will become clear in mid-January.
"It wasn't a very merry Christmas for most of the labor force and it doesn't look like it will be a very happy new year, either," said Richard Yamarone, economist at Argus Research.
The Labor Department's report showed that people continuing to draw unemployment benefits jumped by 140,000 to 4.5 million for the week ending Dec. 20, the most recent information available. The larger-than-expected increase underscored the difficulties of finding new jobs.
That left continued claims at their highest since early December 1982, when the country was emerging from a deep recession, though the labor force has grown by about half since then.
A year ago, the number of people continuing to draw jobless benefits was 2.7 million.
The report also showed that the number of newly laid-off workers filing first-time applications for jobless benefits dropped by a seasonally adjusted 94,000 to 492,000 for the week ending Dec. 27.
But that decline didn't signal any improvement in labor conditions. The drop - while
bigger than economists expected - was mostly related to seasonal adjustment difficulties and reflected some out-of-work people not making it to unemployment offices to file claims over the Christmas holiday, analysts said.
Even with the drop, new filings remained elevated. A year ago, claims stood at 339,000.
Similarly, the four-week moving average of first-time jobless claims, which smooths out week-to-week fluctuations, fell last week to 552,250, a decrease of 5,750 from the prior week. A year ago, this figure was 344,500.
Economists expected so-called "continued" claims to rise to about 4.38 million, and that first-time applications for unemployment benefits would drop to about 550,000.
Economists predict the situation will get worse before it gets better.
Brian Bethune, economist at IHS Global Insight, predicts first-time filings for jobless benefits will climb back up to 550,000 or higher in the middle of January and stay in that elevated range for some time.
Meanwhile, the nation's unemployment rate - which zoomed to a 15-year high of 6.7 percent in November - is expected to rise to 7 percent in December when the government releases that report next week. If that proves correct, it would be the highest level since June 1993.
http://www. dailynews. com/ci_11347108
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