Jobless Claims Drop More Than Expected

Latest news from the ACTE Times:

The New York Times reports that the "number of newly laid-off workers seeking unemployment benefits dropped much more than expected last week, the Labor Department reported Thursday."

For the week, "the department said that applications for unemployment benefits fell to 365,000, a decline of 18,000 from the previous week. Economists expected a decrease of about 5,000."

Economists "believe that the prolonged housing slump and the severe credit crisis have pushed the economy into a recession," therefore, "they expect layoffs to rise in the coming months as the unemployment rate climbs higher."

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