There may be some good news this week for the labor market. According to an article on CNNMoney.com, the Labor Department reported that 352,000 people filed initial unemployment claims last week, down from 402,000 claims the previous week. This is the lowest number filing for unemployment since the week ending April 19, 2008.
The article continued to say that when initial jobless claims fall below 400,000, it is often a sign of an improving labor market.
“Claims rarely go below 300,000, so when you’re around 350,000 you’re close to the job market being back to normal,” said Robert Brusca of FAO Economics.
The article also said that the number of people who continue to receive unemployment benefits dropped 215,000 from the previous week, another positive sign.
The economic downturn has affected nearly every American, including many industries here in Schuylkill County. If you are still employed, you may be struggling to keep your head above water. But if you become injured on the job, it can cause you to suffer physically and financially. You need someone on your side and that’s where Michael J. O’Connor & Associates can help. You may be eligible for compensation. Contact our attorney team for a free review of your case.