Job Market May Be Weakening, Unemployment Claims Up
WASHINGTON D.C. (CBS4) – While Florida won’t release their first time jobless claims numbers for a couple of more weeks, nationwide the numbers were up for the third week signaling a weakening in the job market.
According to the Labor Department in the week which ended April 30th, applications rose by 43,000 to 474,000; the highest level in eight months. The four-week average, a less volatile measure, rose for the fourth straight week to 431,250.
Applications near 375,000 are typically consistent with sustainable job growth. Weekly applications peaked during the recession at 659,000.
A department spokesman blamed much of the increase on an unexpected spike in applications from New York, where more school systems than usual closed for spring break last week. That resulted in 25,000 layoffs. The department didn’t anticipate the closures when making seasonal adjustments, the spokesman said.
In Florida, the state’s unemployment rate dropped to 11.1 percent in March, the last month of available numbers. The numbers, however, weren’t as rosy in Miami-Dade which saw its unemployment rate jump nearly half a percentage point to 12.3 percent.
Broward County performed much better and saw it’s unemployment rate drop .4 percent in March. Monroe County also saw a .4 percent drop in March when it’s unemployment rate his 6.6 percent, which is the best rate in the state.
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