Initial Jobless Claims Declined Slightly in Week, Signaling Weak Recovery
WASHINGTON -- Stagnation in the labor market continues to signal a weak recovery.</br></br>WASHINGTON -- Stagnation in the labor market continues to signal a weak recovery.</br></br>The Labor Department said that initial claims for state unemployment benefits fell to a seasonally adjusted 407,000 in the week ended June 6, down 2,000 from the previous week.</br></br>The Labor Department said that initial claims for state unemployment benefits fell to a seasonally adjusted 407,000 in the week ended June 6, down 2,000 from the previous week.</br></br>Analysts generally had been looking for a steeper decline. Moreover, the four-week average for seasonally adjusted initial claims for the most recent period remained flat at 406,500.</br></br>Analysts generally had been looking for a steeper decline. Moreover, the four-week average for seasonally adjusted initial claims for the most recent period remained flat at 406,500.</br></br>"I keep waiting for one of these weeks when claims will go down 20,000 or 25,000," said James Smith, a professor of finance at the University of North Carolina. The immutable nature of the numbers, he added, underscores that "in most parts of the country, employers are still very skittish about adding more people."</br></br>"I keep waiting for one of these weeks when claims will go down 20,000 or 25,000," said James Smith, a professor of finance at the University of North Carolina. The immutable nature of the numbers, he added, underscores that "in most parts of the country, employers are still very skittish about adding more people."</br></br>The unemployment report released by the Labor Department earlier this month suggested that companies are instead choosing to push their existing work forces harder. During May, the average factory work-week was the longest in more than two decades.</br></br>The unemployment report released by the Labor Department earlier this month suggested that companies are instead choosing to push their existing work forces harder. During May, the average factory work-week was the longest in more than two decades.