Jobless claims in the week ending May 12 held steady at 370,000, unchanged from the previous week, the Labor Department announced. Analysts look for jobless claims to remain under 400,000 as a sign of meaningful jobs growth, but last week’s reading was higher than forecast, Economists surveyed by Bloomberg News had projected a drop in claims to 365,000. The four-week moving average, a less volatile number that flattens out week-to-week fluctuations in the data, was 375,000, a decrease of 4,750 from the prior week. The number of Americans filing for continuing unemployment claims during the week ending May 5 was 3,265,000, an increase of 18,000 from the preceding week. The four-week moving average was 3,282,750, a decrease of 11,750 from the week before. The total number of people claiming benefits in all programs for the week ending April 28 (the most recent data available) was 6,274,624, a decrease of 149,759 from the previous week. States reported 2,666,007 persons claiming emergency unemployment benefits for the week ending April 28, a decrease of 22,150 from the prior week. There were 3,468,979 claimants in the comparable week in 2011. The largest increases in initial jobless claims for the week ending May 5 were in California, Missouri, New York, Pennsylvania, and Texas. The largest decreases were in Connecticut, Florida, Indiana, and Massachusetts.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.