Unemployment claims drop slightly

Applications fell to 375,000 in February and stayed below 400,000 for two months, before hitting an eight-month high of 478,000 in April. 

Still, economists estimate that if layoffs level off employers could pick up hiring, especially as they ramp up for the holiday season. 

The economy generated 103,000 net jobs in September, well below what is needed to lower the unemployment rate — which stayed at 9.1 percent for the third straight month — but a big enough increase to quell a rising tide of recessionary fears as the economy has stagnated during the past several months. 

As unemployment remains high lawmakers will consider expanding federal-level benefits for those out of work for more than 26 weeks. Extended benefits expire at the end of the year, and advocates are pressing for another yearlong extension to provide help for the unemployment. 

The number of people collecting unemployment benefits for the week ended Oct. 15 hit a three-year low of 3.65 million, a drop of 96,000.

The total number of people claiming benefits in all programs for the week ending Oct. 8 was 6.68 million, a decrease of 14,634 from the previous week.

Those who have used up their 26 weeks of state benefits and are now collecting federal emergency and extended payments dropped to 3.45 million, down about 36,400 in the week ended Oct. 8, the Labor Department said. 

Extended benefits were available in Alabama, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Washington, West Virginia, and Wisconsin during the week that ended Oct. 8.