Celebrating 11,000 Lost Jobs a Week
565K new jobless claims, lowest level since Jan. By CHRISTOPHER S. RUGABER The Associated Press Thursday, July 9, 2009 8:55 AM WASHINGTON -- The number of newly laid-off workers filing initial claims for jobless benefits last week fell to lowest level since early January, largely due to changes in the timing of auto industry layoffs. Continuing claims, meanwhile, unexpectedly jumped to a record-high. While layoffs are slowing, unemployed workers are having a difficult time finding new jobs. The unemployment rate rose to 9.5 percent last month and is expected to top 10 percent by the end of this year. New claims for unemployment insurance plummeted by 52,000 to 565,000, the Labor Department said Thursday. That's significantly below analysts' expectations of 605,000, according to Thomson Reuters. The last time new claims were below 600,000 was week of Jan. 24.
__________________________________________________ Well, there you have it. We're out of the woods. The n…