Labor Department statistics have indicated the second decline in the number of people seeking unemployment benefits in the past three weeks, according to the most recent statistics from the week ending March 26th 2011. Fewer unemployment benefit applications indicate that layoffs are dropping and that companies may be hiring more.
Unemployment benefit applications peaked during the recession at 659,000. Applications near 375,000 or lower are considered consistent with a sustained increase in hiring. This statistic was adjusted to 388,000 after the 6,000 drop from the week of March 26th.
The number of people collecting unemployment benefits also dropped, falling by 51,000 to 3.7 million in the week ending on March 19th. This is the lowest figure since 2008, but it does not include the millions of people currently receiving aid under the emergency unemployment benefit programs that were put in place during the recession. The total of all people who received either form of unemployment benefits rose slightly at the week ending on March 12
th, to 8.8 million.
"The downtrend…is undeniable," said Joshua Shapiro, chief economist at MFR Financial. "We believe that this improvement will continue in the weeks and months ahead.
According to the March 2011 jobs report by CNNMoney.com, the unemployment rate dropped to 8.8%, the lowest percentage it has been since March 2009. The report also indicated an increase of 22,000 in the number of new jobs over the previous month.
Fewer unemployment benefit applications and more job openings are strong indicators that the nation is continuing to recover from the lasting effects of the recession. Unfortunately, many Americans are still affected. Jacoby & Jacoby offers legal guidance and representation to borrowers throughout Long Island in bankruptcy,
foreclosure and debt relief proceedings.
To discuss your case and how the firm can help you, contact a Long Island bankruptcy attorney at the firm today.