Rising costs for employers can put a damper on business operations and limit the potential for future growth. Naturally, many companies are on the lookout for ways to control expenses, and one important area to focus on is unemployment insurance.

A high turnover rate can lead to a rising number of claims, but it appears that many organizations across the country are having a better time managing their financial situations and retaining skilled labor. According to a recent report by the U.S. Department of Labor, the advance figure for seasonally adjusted initial claims dropped to its lowest point since February 2006.

The DOL noted that unemployment claims reached 284,000 in the week ending July 19, down 19,000 from the last seven-day period. The four-week moving average dropped as well, down 7,250 to a total of 302,000. This is the lowest it has been since May 2007. In addition, the seasonally adjusted insured unemployment rate was 1.9 percent in early July, unchanged on a weekly basis.

The states with the largest increases in initial claims were New York, California, Georgia and Texas, while New Jersey led the way with the highest insured unemployment rate at 3.4 percent.

Employment levels start to climb
According to the U.S. Bureau of Labor Statistics, employment levels have started to climb in many states, as well as the District of Columbia. The largest gains were felt in Florida, with more than 37,000 new jobs added in June alone. California and New York followed close behind.

However, 17 states reported decreases in employment. Georgia lost 9,500 jobs in June, while West Virginia lost 9,100 and Alaska saw a decrease of 5,900. In terms of regions, the West had the highest unemployment rate at 6.7 percent, while the Midwest was the lowest at 5.9 percent. The national rate was at 6.1 percent for June, a 1.4 percent decline on a yearly basis.

Overall, these trends are good news for the U.S. economy and employers. A stronger financial situation will lead to a better outlook and more cost savings, all positives for the country as a whole.

Juggling tax rates and difficult employees can become challenging at your company. Here at Corporate Cost Control, we understand these problems and are well-positioned to help. Our extensive background in cost control and human resources will allow you to better manage your unemployment insurance expenses.

Contact CCC to see how we can save your organization time and money. Contact our Sales Team (800) 207-6926

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