Unemployment claims drop for fifth week in a row

Unemployment claims drop for fifth week in a row

By Grace Lee - bio | email

WASHINGTON (HawaiiNewsNow) - There are signs of improvement from the job market. The number of newly laid off workers looking for jobless benefits fell for the fifth week in a row. The Labor Department says it stands at 457,000 claims.

This is the fewest number the nation has seen in 15 months. While this sounds pretty good, one Labor Department analysts says the improvement may be due to some unemployment offices closing for the Thanksgiving holiday.

In the meantime, President Barack Obama hosted a Job Summit at the White House. He invited economists, union leaders and chief executive officers of corporations hoping the group could come up with innovative ideas for job creation.

With unemployment rates at more than 10% in October, the president said it's "a struggle that cuts deep and touches people across the nation." Obama says despite economic progress, some businesses are still skittish about hiring. The president told those attending a White House jobs summit that the question of the day is "how do we get businesses to start hiring again."