One Million (Probably More) Exhaust Jobless Benefits

Posted By on April 28, 2011

Nothing to worry about for now…as long as all these recently subsidy-free individuals aren’t paying their mortgage and the banks aren’t enforcing payment….all is well, sort of…. but eventually that roof will go away!  It’s probably worse, that’s because the government has so many seasonal adjustments now days that it tends to make things seem better then they really are.

Roughly one million people were unable to find work after exhausting their unemployment benefits over the past year, new data released Thursday by the Labor Department suggests.

The back-of-the-envelope datapoint is yet another sign that the labor market remains weak, economists said.

About 8.2 million idled workers were receiving unemployment benefits as of the week ended April 9, the Labor Department said in its weekly jobless claims report. That compares to about 10.5 million individuals at the same time last year, a decline of roughly 2.3 million people.

Since the federal government estimates that the economy created 1.3 million jobs during the 12 months ended in March, economists said that slightly less people probably fell through the cracks and couldn’t find employment.

“That leaves, roughly speaking, about one million people who have exhausted their unemployment benefits and have very likely not yet found a job,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.

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