New jobless claims fell more than expected last week from a 16-year high, the government said Wednesday, though they remain at elevated levels due to the slowing economy.
The report was one of four released by the government that added up to a bleak overall picture of the economy.
The Labor Department reported that initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week's upwardly revised figure of 543,000. That is lower than analysts' expectations of 537,000.
Despite the improved number, initial claims remain at recessionary levels. The four-week average, which smooths out fluctuations, rose to 518,000, its highest level since January 1983, when the economy was emerging from a steep recession.
One minor bright spot was seen in the number of people continuing to claim unemployment insurance, which also dropped unexpectedly to 3.96 million, down from the previous week's 4.02 million. which was the highest level in 25 years. The labor market has grown by about half since 1983.
I am believing God to turn around the recession.
I believe unemployment rates will drop.
I believe that the U.S. will be richer and better off than ever before.
I believe all that 11 trillion will be fully paid off.
Yes, we can!
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