Last week, unemployment claims by first-time filers surged to 421,000 (revised), an event the Department of Labor blamed partially on the striking Verizon workers. Now that those workers have agreed to go back to work (and Verizon has agreed to negotiate), jobless claims are back down to ‘normal’, which this week means 409,000 new filings.
Considering that the Verizon strike was responsible for between 8,500 and 12,500 claims, this drop of 12,000 isn’t that impressive.
“This level of claims is really too high,” the WSJ’s Mark Gongloff said. Duh?