Career and Job-Hunting Blog
Career and job-search news, trends, and scoops for job-seekers, compiled by the staff of Quintessential Careers.
|Career and Job-Hunting Blog Index|
|May 8, 2008|
The four-week average of unemployment claims rises, reflecting an ongoing soft labor market.
The U.S. Labor Department announced today that the number of people filing for the first time for unemployment benefits fell by 18,000 to 365,000 on a seasonally adjusted basis in the week ended May 3.
Initial claims for unemployment insurance have been unusually volatile over the past month and a half, jumping between 345,000 and 406,000.
The four-week average of initial jobless claims, which is a better indicator of the situation because it smoothes out one-time factors such as bad weather or holidays, increased by 2,500 to 367,500 — reflecting the weak job market.
Even with the increase, the numbers also reveal a hopeful sign that the job cuts during this recession will not be as strong as in the past — with some employers finding innovative solutions, such as cutting back hours, as an alternative to firing staff.
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