Jobless Benefit Rolls Fall; New Claims Rise

(Update: Adds corporate layoffs and additional analysis throughout.)

Are job losses ebbing? According to the most recent data today about jobless benefit rolls, the answer might be a "could be."

Or, maybe we should ask again next week.

For the first time in weeks, unemployment insurance rolls took a breather and a dip.

After 21 straight weeks of increases, the total number of Americans continuing to collect unemployment benefits fell to 6.69 million for the week ending June 6. That reflects a plunge of 148,000 -- the biggest fall since 2001.

But numbers coming out of the U.S. Labor Department also showed that initial claims actually rose to 608,000, or a jump of 3,000, for the week ending June 13.

The four-week moving average for new claims, which tend to iron out the volatility in week-to-week changes, hit a new low since February, falling by 7,000 to 615,750.

Though the drop in those continuing unemployment benefits could be an indication that they're finding work, it's also an indication that those on the rolls at the beginning of the year simply had benefits expire this month. Plus, keep your eyes peeled next week, as the Labor Department has a habit of revising numbers and estimates after the fact.

As more look to job stats as an indicator of the recession's staying power, several companies continued to announce layoffs this week. Lockheed Martin(LMT Quote) announced plans to slash 750 jobs at a plant in New York. MySpace, a subsidiary of News Corp.(NWSA Quote), and Exelon(EXC Quote) also said they would eliminate 420 and 500 jobs respectively.