New Jobless Claims Continue Decline

The number of Americans filing for first-time unemployment benefits fell by 7,000 this week - the third consecutive drop. Plus: Concerns over Greece's economy are spreading to Wall Street.

New Jobless Claims Continue Decline Some upbeat news on the job front, the number of American standing in line for unemployment benefits dropped again for the third straight week. Initial claims fell by 7000. Layoffs have dropped back to pre recession levels and employers have slowly resumed hiring. The government will release the monthly jobs report for April tomorrow and analysts forecast that it will show the overall jobless rate remain stuck at 9.7% for the fourth straight month. Concerns over Greece’s economy are spreading the Wall Street as investors are worried the debt crisis will create ripple effects. Greece’s government is trying to enforce spending cuts to avoid going bankrupt. The protest turned violent in Athens killing at least three people. Other European nations are offering a bailout but now there’s worry about Spain and Portugal and whether those countries will also need help. US Treasury Secretary Timothy Geithner and his predecessor Henry Paulson go before a special panel today that’s investigating the financial melt down. It’s the first time the panel has heard from either of the man Geithner and Paulson will provide their prospective on the banking system and their roles in trying to steer the financial crisis out of harm’s way. And News Week magazine is now being sold by the Washington Post. News Week lost $28 million last year. It was founded in 1933 until the Washington Post bought it in 1961. They’re not saying what will happen to the magazine if they can’t find a buyer. And that’s your Money Watch. For more, stay with CBS MoneyWatch.com. In New York, I’m Emily Smith.