CEDA highlights advancement of major projects and programs under Vision 2030    Saudi commitment to pragmatic solutions towards a greener future is reemphasized as SGI Forum set to kick off on Tuesday    Vietnam approves $67 billion high-speed railway linking Hanoi and Ho Chi Minh City    Canadian news publishers sue OpenAI over alleged copyright infringement    Driving the future: How public transportation is transforming Saudi Arabia    Syrian government forces clash with insurgents in Aleppo    Poland fortifies eastern border with military project    Three crushed to death in Gaza bakery crowd amid worsening food crisis    Australia bans children under 16 from social media in groundbreaking legislation    Mahrez's strike secures Al-Ahli a narrow win over Al-Wehda    FIFA announces nominees for The Best FIFA Football Awards 2024    Riyadh Metro: An enduring legacy of King Salman's leadership and vision for Riyadh's future    Saudi Arabia's FIFA World Cup 2034 bid achieves highest evaluation score in history    Substitute Al-Othman leads Al-Qadsiah to a crucial victory against Al-Khaleej    Minister Al-Samaani inaugurates technical office to enhance judicial quality in Qassim    Saudi Arabia receives extradited citizen wanted for corruption crimes from Russia    K-Pop group NewJeans split from agency in mistreatment row    Culture minister visits Diriyah Art Futures    Best-selling novelist Barbara Taylor Bradford dies    Adele doesn't know when she'll perform again after tearful Vegas goodbye    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



First-time jobless claims drop less than expected
Published in Saudi Press Agency on 29 - 10 - 2009

The number of Americans claiming jobless benefits for the first time dropped less than expected last week, evidence that the labor market remains weak even as the economy is recovering, according to AP.
The Labor Department said Thursday its tally of newly laid-off workers seeking unemployment insurance fell by 1,000 to a seasonally-adjusted 530,000. Analysts expected a steeper drop to 521,000, according to a survey by Thomson Reuters.
The report came on the same day the Commerce Department said the economy grew at a 3.5 percent pace in the July-September quarter, snapping a record streak of four straight quarterly declines. But the economy isn"t growing quickly enough to spur much hiring.
Initial claims need to fall below about 450,000 to signal that employers are actually adding jobs, several economists said. Still, many saw some positive signs in the report.
The number of people continuing to claim unemployment insurance benefits dropped 148,000 to 5.8 million, a steeper fall than expected and the sixth straight decrease. Those figures lag initial claims by a week.
That doesn"t include the nearly 4 million people receiving benefits from federal emergency programs during the week of Oct. 10, a decline of about 71,000 from the previous week. Many of those recipients likely are exhausting their benefits and falling off the rolls without finding jobs, some economists said.
The National Employment Law Project, an advocacy group for the unemployed, has projected that 1.3 million people will use up their benefits by the end of the year. Congress has added up to 53 extra weeks of support on top of the 26 typically provided by the states. The Senate is considering whether to provide another 14 to 20 weeks of emergency support for those about to run out.
About 52 percent of recipients in the past year have exhausted their regular state benefits, the highest proportion on records dating from 1972, according to Labor Department data.
But the decline in the total benefit rolls could also mean at least some are finding jobs.
The drop suggests «people are returning to work rather than shifting» from the regular program to emergency benefits, Zach Pandl, an economist at Nomura Securities, wrote in a note to clients.
Meanwhile, the four-week average of claims, which smooths out volatility, fell for the eighth straight week to 526,250, its lowest level since early January. That indicates that companies are laying off fewer workers.


Clic here to read the story from its source.