Thursday, May 15, 2003

Job Market: Yet another week, yet another 400k

The good news is that unemployment claims fell 13,000 this week. The bad news is that even after the 13,000 reduction, there were still 417,000 job cuts this week nationwide.

I did this story last week as well. We totaled up all the job cuts for the past 12 weeks, and came up with 4.8 million jobs lost. True, we didn't count for people who found jobs during that time.

Well, it would seem that my numbers were not far off.

The official result, as of the week of May 3rd, is 3.77 million people unemployed.

However, the number of jobless workers who remained on the benefit rolls in the May 3 week, the latest week for which the figures are available, rose a sharp 120,000 to 3.77 million. That marked its highest level since the middle of November 2001, when the U.S. economy was reeling from the Sept. 11 attacks.

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