Weekly Unemployment Claim Numbers May Indicate Positive Direction For Economy

Much of the news about the country's current economic situation continues to be negative, damaging the confidence of individuals in need of debt relief.

But these consumers, especially those following the nation's unemployment levels, recently received some positive news from the U.S. Department of Labor, which reported a drop off in initial claims.

According to the department, seasonally adjusted initial unemployment claims decreased by 24,000 to 398,000 in the week ending July 23. In addition, the four-week moving average dropped to 413,750 - a change of minus 8,500 claims.

New York had the largest decrease in claims at 17, 377, followed by Minnesota (10,352) and Michigan (7,039.)

The change in Michigan may be an encouraging sign for a state that has seen its housing market and economy leveled during the past few years. Despite losing thousands of jobs, the city has the tools to make an economic comeback, Department of Housing and Urban Development Secretary Shaun Donovan recently said.