More Jobs And More Money
November 25, 2009 by St. Lucie Times Staff · Leave a Comment
Reports from the Department of Labor and Department of Commerce indicate that the number of newly laid-off workers filing claims for unemployment benefits fell more than expected last week, dropping below 500,000 for the first time since January, and that consumers started spending again in October as their incomes grew modestly as signs continue to indicate that an economic recovery is gaining momentum.
The Department of Labor’s statement indicated that in the week ending Nov. 21, the advance figure for seasonally adjusted initial claims was 466,000, a decrease of 35,000 from the previous week’s revised figure of 501,000. The 4-week moving average was 496,500, a decrease of 16,500 from the previous week’s revised average of 513,000.
The advance number for seasonally adjusted insured unemployment during the week ending Nov. 14 was 5,423,000, a decrease of 190,000 from the preceding week’s revised level of 5,613,000. The 4-week moving average was 5,613,750, a decrease of 98,500 from the preceding week’s revised average of 5,712,250.
According the Dept of Commerce, released personal income and outlays for October 2009. Personal income rose 0.2 percent, real disposable personal income increased 0.2 percent and real personal consumption expenditures advanced 0.4 percent.
“Consumer spending began the fourth quarter with a favorable gain. Motor vehicles sales rebounded from their September fall after the ‘Cash for Clunkers’ program ended, and other purchases increased as well. The strength of the holiday sales is not clear yet, but strong growth in government benefits and a large drop in personal taxes so far this year have enabled households to increase spending and also improve their financial position by paying down debt,” said Commerce Under Secretary Rebecca Blank.
