The United States Labor Department reported last week, Thursday that the number of workers who were recently laid off from their jobs increased. This suggests the even if the employment condition in the country is softening a bit, it still remains on good standing. The newly jobless people are presently signing up and applying for unemployed benefits, particularly unemployment insurance.
Los Angeles, CA -- (ReleaseWire) -- 09/04/2007 -- The unemployment rate, as reported by the federal government has rose to 4.6 percent in the past month of July. Such statistics reflects a six-month peak on unemployment.
Subsequently, based from the Labor Department's report, the fresh applications for jobless benefits increased by 7,000 to 316,000, with due consideration to the seasonal employments. This rise was manifested during the past week ending August 4.
Present data on jobless claims is at its highest point starting from late June statistics. The nation's economists declared predictions that the claims would become lower for last week, which were about 310,000.
However, as compared to last year's jobless data of 319,000, the present number is considerably lower.
As per release of last week's lay off reports and the moving average involving new jobless claims for four weeks, smoothing out the weekly instability, an increase was seen in the past week to 307,750, marking a 1,750 addition from prior week's data. Since July 21, this data is the highest level noted.
Thus, those collecting unemployment benefits also rose by 39,000 to 2.56 million during the workweek that ended July 28. This is the most recent week period wherein such information was already made available and released by the Labor Department. Since early July, this data also marks as the highest.
Concerning the labor market data, there were recently set up barometers suggesting some cooling off in the hiring of workers. Partly, this have significant toll on the market of sour housing system and the struggles being felt within the country's automobile industry.
Overall, though, the creation of new jobs is slowing down.
Last July, employers increased payrolls for workers by 92,000 but down from the 126,000 rise given in June. The government declared that such data indicates the fewest monthly add-ons since February of this year.
According to Federal Reserve Chairman Ben Bernanke and his colleagues in the central bank on Tuesday, they are expecting the labor market to sustain along with the nation's economic status. Bernanke and his associates are setting these expectations, despite the presence of some strains due to the turbulence in Wall Street, some tightening in the credit state of affairs and slump in housing.
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