Is the unemployment picture getting any better? The truth is that's its hard to tell. The Labor Department said that initial claims for state unemployment insurance rose 3,000 to 608,000. The expected number was 600,000. This is especially disturbing since this is the time of year when most hiring in done, mainly in the construction trades.
However, there is some good news. Continued claims for unemployment (those persons already on the rolls) fell by 148,000 to 6.69 million. This was the lowest level since May 9, as well as the largest one-week drop since November 2001. This indicates that persons already on the rolls are finding work, and that's good news.
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