Ongoing jobless claims plummet to 17-month low

The number of people filing for ongoing unemployment insurance plummeted by 255,000 to the lowest level since December 2008, according to government figures released Thursday.

According to a Labor Department report, 4,462,000 people filed continuing claims in the week ended May 29, the latest week available. That's down more than a quarter-million from the previous week.

"People are just falling off the rolls here," said Steve Stahler, president of The Stahler Group. "This isn't good news."

Continuing claims reflect people who file each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those who have moved to state or federal extensions, nor people who have exhausted their benefits.

Read Full Article from CNNMoney

- Posted: 2010-06-10 11:35:44

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