Jobless claims fall more than expected to 502,000
By The Associated Press
This article was published November 12, 2009 at 11:23 a.m.
PHOTO BY AP / STEVEN SENNE
Linda Cook, of Cranston, R.I. examines job listings at a state managed employment center, in Providence, R.I., earlier this month. Cook, who is unemployed, worked in mortgage sales before being laid off.
WASHINGTON — New claims for unemployment insurance fell more than expected last week, evidence the job market is slowly healing as the economy recovers.
Still, many private economists and Federal Reserve officials worry the nation could be in for a “jobless recovery” as the unemployment rate rises despite some overall economic growth.
The Labor Department said Thursday that first-time claims for jobless benefits dropped to a seasonally adjusted 502,000 from an upwardly revised 514,000 the previous week. That’s the fewest claims since the week ending Jan. 3, and below economists’ estimates.
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