Unemployment Claims Drop Slightly
A recent report by the U.S. Department of Labor found that initial claims for unemployment decreased to 405,000 during the week of July 9. This is a drop from the previous week's 427,000.
The Unemployment Insurance Weekly Claims Report also found the four-week moving average decreased 3,750 to the current 423,250.
The seasonally adjusted insured unemployment rate remained unchanged during the week of July 2, and stood at 3.0 percent. In total, the advance number for seasonal adjusted insured unemployment increased 15,000 - to a total of 3,727,000.
Approximately 11,500 initial claims are a result of the Minnesota state government shutdown, as many public employees were forced to submit unemployment claims. This affected most of the national figures in the report.
Consumers who recently have been laid off may want to curb their spending habits. Credit card debt while unemployed can hurt a credit rating, as there is not much, if any, income to balance it out. It may be best to use alternative payment options while looking for another job.
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New government regulations in place for consumers in need of debt relief for credit cards and other unsecured debts.