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Today's jobless claims report showed decreases to both initial and continued unemployment claims, as seasonally adjusted initial claims continued to trend below the closely watched 400K level. Seasonally adjusted initial unemployment claims declined by 12,000 to 350,000 from 362,000 for the prior week. Seasonally adjusted continued claims declined by 8,000 to 2.874 million, resulting in an insured unemployment rate of 2.2%.

Since the middle of 2008, though, two federal government sponsored extended unemployment benefit programs (the extended benefits and EUC 2008 from recent legislation) have been picking up claimants who have fallen off of the traditional unemployment benefits rolls. Currently, there are some 1.32 million people receiving federal extended unemployment benefits. Taken together with the latest 2.43 million people who are currently counted as receiving traditional continued unemployment benefits, there are 3.76 million people on state and federal unemployment rolls.

Source: Initial, Continued, And Extended Unemployment Claims - Oct. 24, 2013