Unemployment Benefit Update and jobless claims data review today March 6, 2014:
The U.S. economic recovery process received a shimmer of good news last session when the Labor Department reported on first time jobless claims. According to the report, the number of Americans making application for first time jobless claims fell back in the most recent week by approximately 26,000 to 323,000. This decrease was better than expected and represented the lowest figure for jobless claims in three months.
This data comes just after the private job additions report showed that layoffs eased in the last month. The positively skewed job and unemployment claims data could encourage some policy makers to lean away from another unemployment benefit extension. Almost 2 million Americans are unemployed without long term emergency compensation as the Senate prepares to vote on an EUC extension once again. Unfortunately, the vote in the Senate will not happen until next week. Once again, the bad weather is being blamed on a tightly packed Senate schedule that overflows into next week.
Senate majority leader Harry Reid reiterated that he will tirelessly work towards finding enough Senate votes to pass a six month unemployment benefit extension plan. A spokesperson for Reid recently shared that the vote will most likely happen during the latter half of next week. Reportedly, the six month extension plan will be paid for, in part, by savings acquired via the Farm Bill savings. Americans unemployed hold onto some hope that after multiple failed attempts to pass an unemployment measure through the Senate, next week’s attempt will be successful.