Thursday will bring the government’s weekly report on initial claims for jobless benefits which is expected to rise slightly from numbers observed last week. Last week this posting revealed that the number of Americans filing for initial jobless claims lowered to 421,000.
The Labor Department reported last week that jobless claims fell back towards the lowest level of the year. Data of first time claims for unemployment benefits fell to 17,000 to a seasonally adjusted 420,000 in the week ending December 4th. The four week average of claims dropped as well for the fifth straight week. This week, the number is expected to inch ahead to 425,000. Overall, recent data reveals that the unemployment rate across our nation is 9.8%. This revelation was somewhat disheartening as the average rate had been holding at 9.6% for several months prior and many were expecting that it would lower even further. That did not happen. Americans are in need and the numbers validate this need. Congressional leaders continue to debate the merits of pushing through legislation that includes legal extension of federal benefits for those Americans running out of federal unemployment benefits. Their is little question that the safety net for those Americans still searching for gainful employment is still required. The numbers highlight this need.
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