Weekly unemployment benefit claims fell from last weeks high of 504,000 revised up 4,000 never the less 473,000 new unemployment claims can hardly be considered encouraging news.
Federal extended unemployment benefits continue to mount, likely as a result of the recent extension of unemployment insurance adding another 300,000 to the new long term unemployed.
Seasonally adjusted initial unemployment declined by 31,000 to 473,000 claims from last weeks revised 504,000 unemployment claims. Currently there are some 5.83 million people receiving extended unemployment benefits—taken together with the latest 4.29 million people that are currently counted as receiving traditional unemployment benefits, there are 10.12 million Americans on State & Federal Unemployment rolls.
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