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Unemployment slowly starts to turn lower

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At the national level, initial jobless claims missed expectations slightly, and most unemployment figures continue to edge lower.

The National Initial Claims were reported at 584,000, up 25,000 from the previous week.  However, the 4-week moving average has dropped for six straight weeks.  The Colorado Jobless Claims dropped 1,194 to 4,738 for the week ending July 18, 2009.

On the Continuing Claims front, the National level reported 6,197,000 claims, which dropped 54,000 from the previous week.  At the Colorado level, the 4-week moving average dropped 389 claims to 74,997.  This represents the lowest level since April 18, 2009.  While Continuing Claims is not a leading indicator, the number of claims need to continue to drop to see the economy start to grow again.  The consumer represents a large portion of GDP and while job losses persist and new jobs are not found, consumers will continue to remain cautious.

When examining the individual states, 22 states saw a decrease of more than 1,000 Initial Jobless Claims.  Only 3 states reported an increase of more than 1,000 claims.  California saw the largest increase with an increase of 4,290 claims from the previous week.  California reported the increase was due to more layoffs in the construction and trade industries.  New York saw a huge drop.  Initial Claims for New York dropped 22,052 from the previous week.  They reported the cause was due to fewer layoffs in the service and transportation industries. 

For more Data and Charts, click the link below:

www.rskye.com/Home/finance/colorado-jobless-claims-1/colorado-jobless-claims-07-30-09

Comments

  • Steve 5 years ago

    Keep in mind that in Colorado approximately 9000 Coloradans claims ended because they ran out of benefits the first week of July, Once the Colorado DOL gets their poop in a group those 9000 people will be making claims again probably around late august early September. Governor Ritter singed the TUR EB bill into law June 2nd it allows Coloradans to receive an additional 13 weeks, The DOL is really dragging their feet to get this rolling they are saying the benefits won't start till late august.

  • lynn 5 years ago

    There are also same situation in other states. unemployment benefits ran out the first week of July.

  • broke in AZ 5 years ago

    it's not good news. It's people going off unemployment, into complete destitution. Just because one gets booted off the unemployment rolls, doesn't mean they found a job. They haven't. And they won't.