The total number of people receiving unemployment insurance dropped for the first time since early January, according to a report released by the U.S. Labor Department on Thursday. The Labor Department said that it saw the largest drop in unemployment insurance rolls in more than seven years. The total unemployment insurance rolls fell by 148,000 to 6.69 million in the week ending June 6.
The drop also breaks a string of 21 straight increases in continuing unemployment claims. both metrics are signs that layoffs are easing, but many economists are not ready to declare the recession over just yet. According to the AP, economists are closely watching the level of first-time claims for signs the economy will recover by mid-summer.
The drop in continuing claims could signal a slowing in the rise of the unemployment rate, which reached 9.4% last month. The number of job cuts are slowing each month. The Labor Department said employers eliminated 345,000 jobs in May, about half the monthly average of jobs lost in Q1.
The total number of people receiving unemployment insurance dropped for the first time since early January, according to a report released by the U.S. Labor Department on Thursday. The Labor Department said that it saw the largest drop in unemployment insurance rolls in more than seven years. The total unemployment insurance rolls fell by 148,000 to 6.69 million in the week ending June 6.
