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Job numbers' signal mixed

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By CHRISTOPHER S. RUGABER

The Associated Press

Published: July 10, 2009

WASHINGTON - The number of newly laid-off workers filing initial claims for jobless benefits last week fell to lowest level since early January, largely because of the auto industry.

Continuing claims unexpectedly set a record. Layoffs are slowing, but jobs remain scarce and the unemployment rate is rising, which some economists worry could weaken or delay a recovery. The unemployment rate rose to 9.5 percent in June and is expected to top 10 percent this year.

New unemployment insurance claims fell by 52,000 to a seasonally-adjusted 565,000, the Labor Department said Thursday. Analysts' expected 605,000 for the week that ended Saturday, says Thomson Reuters. The last time new claims were below 600,000 was the week of Jan. 24.

The drop resulted partly from technical factors, a Labor Department analyst said. Auto sector layoffs that normally occur in early July came in the spring as General Motors Corp. and Chrysler LLC restructured.

The Associated Press

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