TBO.com - TBO is Tampa Bay Online

Jobless claims fall as more receive benefits

ADVERTISEMENT

By MARTIN CRUTSINGER

The Associated Press

Published: May 8, 2009

WASHINGTON - New applications for unemployment benefits fell last week to the lowest level in 14 weeks, a possible sign that the massive wave of layoffs has peaked.

Still, the number of unemployed workers getting benefits set a record.

Retail results also improved as discounter Wal-Mart Stores Inc. and other stores reported April sales figures that beat expectations. Analysts acknowledged the positive economic signals but cautioned that any recovery will be subdued as long as unemployment stays high.

The Labor Department reported on Thursday that the number of newly laid off workers applying for benefits dropped to 601,000 last week. That was far better than the rise to 635,000 claims that economists expected.

Despite the big drop in new applications for jobless benefits, the claims remained at elevated levels.

The number of people receiving jobless benefits climbed to 6.35 million, a 14th straight record.
Retail business was helped by warmer weather, tax refunds and a shift in the Easter holiday, helping Wal-Mart and many mall clothing chains post better-than-expected results.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT