U.S. Unemployment Falls Slightly–But Remains High
- Jun 19, 2008
Washington, D.C.–Although the number of workers submitting new unemployment benefit claims declined slightly last week, the previous week’s large increase suggests that the U.S. labor market is still struggling, according to The Wall Street Journal. Continuing claims lasting more than one week stayed above the three million mark for the eighth consecutive week–which indicates it’s still taking significant time to find a new job.After seasonal adjustments, initial jobless benefit claims dropped 5,000 to 381,000 in the week ended June 14, the Labor Department said Thursday. The four-week new claims average, thought to represent general job trends, increased by 3,250 to 375,250–rising to its second-highest point since 2005.Separately, the Conference Board, a private research group, said its index of leading economic indicators grew by 0.1 percent in May Thursday. The new reading, 102.1, indicated the economy hasn’t severely contracted, the Journal said.