Initial jobless claims stuck above 400,000 mark

Washington, DC, United States (AHN) – New jobless claims remained above the 400,000 mark for the week ending Oct. 8, according to the U.S. Department of Labor.

However, the 404,000 initial unemployment compensation claims filed for the week was slightly down, representing a drop of 1,000 claims from the previous week’s total of 405,000.

The less volatile 4-week moving average was 408,000, down by 7,000 from the previous week’s revised average of 415,000.

First-time jobless claims figures have remained stubbornly above the 400,000 mark since April, signaling that the nation’s jobs sector is not yet in a recovery, despite the fact that the recession officially ended in 2009 when a recovery began in the financial services sector of the economy.

Nevertheless, economists say that with the Main Street and jobs sectors of the economy not yet in recovery, some analysts recently began forecasting a double-dip recession.

The nation’s official unemployment rate remains at 9.1 percent.

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