WASHINGTON — The picture of a steady but still-sluggish recovery emerged from reports Thursday that showed fewer people are claiming unemployment aid while U.S. exports are slowing.
The reports echo Federal Reserve Chairman Ben Bernanke’s suggestion this week that the rebound will remain intact despite high unemployment, a fragile housing market and Europe’s debt crisis. But it will take time to create enough jobs to bring down the 9.7 percent unemployment rate.
Initial unemployment claims fell by 3,000 to a seasonally adjusted 456,000, the Labor Department said Thursday. That’s the third straight drop. However, claims haven’t moved below where they stood in January.
At the same time, the tally of laid-off workers continuing to claim jobless benefits fell by 255,000 to 4.5 million. That’s the largest decline in almost a year. It could be because more people are finding work. But it may simply mean that they have exhausted their initial state benefits.
A Labor Department analyst said state agencies didn’t provide any explanation for the drop.
A weakening in U.S. sales overseas could hurt the job market.
The Commerce Department said the U.S. trade deficit rose to the highest level in 16 months as exports fell for the second time in three months. Exports have been a source of strength for U.S. manufacturers.
First-time jobless claims have hovered near 450,000 since the beginning of the year after falling steadily in the second half of 2009.
That has raised concerns among economists that hiring remains weak and could slow the recovery.
