Jobless claims fall as House set to extend benefits
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With the House poised to act today on a bill extending jobless benefits, the White House got some good news as the number of first-time unemployment claims fell to the lowest level in 10 months.
The Labor Department said this morning that first-time claims fell by 20,000 to a seasonally adjusted 512,000, better than most forecasts.
The four-week average, which smooths fluctuations, dropped to 523,750, its ninth consecutive fall and about 135,000 below April’s top.
The good news on jobless claims comes as the nations braces for the monthly unemployment rates, to be released on Friday. The current jobless rate is 9.8% but is expected to top 10% before the economy creates enough new jobs to force down the rate.
The House is expected to act today on a $24-billion bill that will extend jobless benefits and contains some business tax credits. It also includes a provision to extend the home buyers tax credit.
The Senate passed the measure 98-0 this week.
--Michael Muskal
Twitter.com/LATmuskal
