Fewer Americans filed first time unemployment insurance claims last week, the Department of Labor reported this morning.

The seasonally adjusted estimate was 623,000, down from 636,000 the prior week.

For the week ending May 16, it appears that layoffs are beginning to slow down. Thirteen states saw decreases of more than 1,000 in their unemployment claims for that week. The Department of Labor attributes that to fewer layoffs in the auto, construction and manufacturing industries.

Hopefully this means that fewer companies are cutting jobs. I personally think that Americans will begin spending money on items other than necessities again when they feel that their jobs are safe.

May 28, 2009