Jobless claims rise in latest week
NEW YORK (CNNMoney.com) — The number of people filing initial claims for unemployment benefits rose last week, while those filing continuing claims hit an all-time high for the ninth straight week, according to a government report released Thursday.
In the week ended March 21, a total of 652,000 people filed initial jobless claims, up 8,000 from the previous week’s revised figure of 644,000, according to the Labor Department.
Economists had expected 650,000 new claims, according to a survey by Briefing.com.
The number of people continuing to file for jobless benefits rose 122,000 to 5,560,000 people in the week ended March 11 – the latest week for which data were available. It was the highest number since the government began keeping records in 1967.
Continuing claims have hit record highs as more Americans struggle to find work. But the 4-week moving average of initial claims, which economists say gives a more accurate indication of unemployment trends, came down for the first time in 10 weeks.
The 4-week moving average for weekly filings, which smoothes out volatile peaks and troughs, was 649,000, down 1,000 from the previous week’s revised average.
"The trend in claims is still upwards, though the rate of increase might be slowing," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics, in a research note.
CNN Money | Ben Rooney | Thursday, March 26, 2009
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