Today’s jobless claims report showed a notable increase to initial unemployment claims and a slight decline to continued claims as a rising trend continued to materialize for initial claims.
Seasonally adjusted “initial” unemployment increased by 9,000 to 429,000 claims from last week’s revised 420,000 claims while seasonally adjusted “continued” claims declined by 1,000 resulting in an “insured” unemployment rate of 2.9%.
Since the middle of 2008 though, two federal government sponsored “extended” unemployment benefit programs (the “extended benefits” and “EUC 2008” from recent legislation) have been picking up claimants that have fallen off of the traditional unemployment benefits rolls.
Currently there are some 3.95 million people receiving federal “extended” unemployment benefits.
Taken together with the latest 3.48 million people that are currently counted as receiving traditional continued unemployment benefits, there are 7.44 million people on state and federal unemployment rolls.