AP: Unemployment claims drop sharply to 434K

[kpete]

Unemployment claims drop sharply to 434K
AP

By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer – 2 hrs 5 mins ago

WASHINGTON – Fewer people applied for unemployment benefits last week, the second drop in a row and a hopeful sign the job market could be improving.

Still, economists cautioned that the trend would have to continue for several more weeks before a solid conclusion could be drawn that hiring is picking up.

Applications for jobless benefits dropped by 21,000 to a seasonally adjusted 434,000 in the week that ended Oct. 23, the Labor Department said Thursday.

It was the second-lowest number for first-time claims this year. The only time it was lower was during the July 10 week, and that week was affected by the Independence Day holiday when state unemployment offices were closed.

more:
http://news.yahoo.com/s/ap/20101028/ap_on_bi_go_ec_fi/us_economy

[elocs]

1. In my city (La Crosse, WI) it dropped to 5.5% from 6.1% in August.

Gee, such terrible news to have just before an election.

[democrat_patriot]

2. Because benefits ran out?

Claims will severely drop in January with no extensions.

[crazylikafox]

3. I believe the number was for new claims, not continuing

[HughMoran]

4. Yes, it's all in the article...

"
...
The number of people continuing to receive jobless aid also dropped sharply last week, falling by 122,000 to 4.36 million, the department said. But that doesn't include an additional group that is receiving extended benefits under an emergency program approved by Congress during the recession.

The emergency benefit rolls fell by more than 400,000 to about 4.7 million for the week ending Oct. 9, the latest data available. Much of the decline is likely due to people using up all the unemployment aid they are eligible for.
...
"

[PopSixSquish]

5. Well I'm Still Unemployed but I am Getting Called for Interviews

Have one tomorrow as a matter of fact. And I've seen some pretty big companies in my area start posting lots of jobs in the past month so who knows...

[mkultra]

6. HEY!

good luck to you. Things are turning around so jump in there and get in on the action early.