The Labor Department announced that the number of New jobless claims declined by more than expected to 646,000 for the week ending March 14th. The expected New Jobless claims had been estimated at 652,000 new claims. The prior week's initial Jobless claims ending March 7th totaled 658,000.
That is a reduction by 12,000 overall initial claims on the week.
While the decrease in the filing of initial claims for unemployment is good news, the overall position is still grim.
The number of people who remained on unemployment after filing an initial claim and drawing there first week of aid rose dramatically by 185,000 in the week ending March 7th. The total settled at 5.47 million unemployed claims. A sharp increase from the 5.29 million continued claims from the previous week.
The amount of people remaining in the system beyond there first weeks claim is the highest on record and has pushed the insured unemployment rate up-to 4.1 %, the highest since June 1983.