First-time claims for unemployment benefits hold steady

(Rachel Maddow Blog) For the week ending May 12, the Department of Labor Thursday, seasonally adjusted initial claims for unemployment benefits were unchanged at 370,000 from the previous week's revised figure of 370,000. The four-week moving average that flattens volatility in the weekly numbers was 375,000, a decrease of 4,750 from the previous week's revised average of 379,750.

For all programs, including the federal emergency extensions in the states hardest hit by the economic downturn, the total number of people claiming benefits for the week ending April 28 was 6,273,624, a decrease of 149,759 from the previous week. That number has been dropping sharply and will continue to do so as the number of weeks allowed for collecting benefits falls from 99 to 63 in September.

Although the job situation overall has been getting marginally better, what this reduction in benefits duration means is that hundreds of thousands of the worst-hit households will now be without jobs and without the modest safety net that unemployment benefits provide. Republicans argue that this will be a good thing because the benefits just keep lazy people from looking for a job. In fact, not only do the benefits help keep a roof over people's heads and food on the table for those without jobs, they keep other people employed as a consequence of the money being spent in thousands of local businesses.

Extended benefits are now available in 15 states and the District of Columbia. They are Alaska, California, Colorado, Connecticut,  Florida, Idaho, Illinois, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Texas and West Virginia.