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Jobless claims drop after rising for 2 weeks

New claims for jobless benefits fell last week in a sign that layoffs may be easing as the economy slowly recovers.

The Labor Department said that initial claims for unemployment insurance fell by 29,000 to a seasonally adjusted 469,000. That is pretty much inline with Wall Street analysts' estimates of 470,000.

This only partly reverses a sharp rise in claims in the previous two weeks. Those increases had raised concerns that layoffs weren't slowing as quickly as many economists hoped.

Those earlier increases also partly resulted from a backlog of claims that had built up in state agencies that closed during severe snowstorms last month.

The number of people continuing to claim benefits, meanwhile, fell more than expected to 4.5 million.

Gregory Menges is a founder of Boston Independent Advisors. Greg is a seasoned financial advisor with more than 15 years experience serving individuals, families, business owners, and company sponsored retirement plans. All securities offered through Investors Capital Corp., Member FINRA/SIPC -- Advisory Services offered through Investors Capital Advisory.
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