Minneapolis Star-Tribune: Jobless claims show weakness in state economy

[marmar]

Jobless claims show weakness in state economy
In what one economist calls "a double whammy," more Minnesotans are exhausting their benefits after failing to find new jobs.

By MIKE MEYERS, Star Tribune
Last update: April 13, 2008 - 4:17 PM



Amid alarms of recession, applications for Minnesota unemployment benefits have been falling. In March, initial claims were down 8.3 percent from a year ago.

So the numbers are showing signs of hope. Right?

Wrong.

"I'm always looking for signs of optimism, but this recent decline isn't particularly large or persistent," said Steve Hine, director of labor market information at the Minnesota Department of Employment and Economic Development.

In a more troubling sign, the number of Minnesotans exhausting their 26 weeks of benefits after failing to snag new jobs has been on the rise.

And over the last 12 months, initial claims fell 5.7 percent, but the number due to permanent layoffs rose 11.9 percent, Hine said.

"It shows that not only are more people losing their jobs, but they're staying unemployed longer and having trouble finding new jobs," said John Budd, a University of Minnesota economist.

"It's really a double whammy," he said. ......(more)

The complete piece is at: http://www.startribune.com/business/17569639.html

[conflictgirl]

1. Don't you know that's only because they can't get their preferred job at their preferred wage?

After all that's the only reason anyone would be unemployed long term, because everyone who wants a job can have one.

:sarcasm: