The total stood at 427,000 people for the week ending June 4. Mark Vitner, an economist with Wells Frago says that jobless claims over 400,000 mean a recession and it can also mean signs of an economy recovering from a severe recession.
Pasadena, CA -- (SBWIRE) --06/14/2011 -- The total number of Americans filing for initial jobless claims was over 400,000 for the ninth week in row.
The total stood at 427,000 people for the week ending June 4. Mark Vitner, an economist with Wells Fargo that jobless claims over 400,000 mean a recession and it can also mean signs of an economy recovering from a severe recession. He has termed the current trend “pretty disconcerting” since the economy is supposed to be recovering but is instead stalled.
The current number of unemployed people receiving unemployment benefits stood at 3.67 million for the week ending May 28. The jobless claims fell only in two states, California and Wisconsin, by 1,614 and 1,032 respectively.
Out of the four states which saw an increase in initial filings, first was New York with 3,187 filings. This was due to the continuing layoffs in the service and construction industries. Hound, a job search engine, has been successful in locating over 126,000 jobs directly from employer websites in the last seven days. The top sectors were healthcare, retail, and sales.