Thu, Apr 10 2008, 12:45 GMT
http://www.djnewswires.com/eu
US Jobless Claims -53K To 357K In Apr 5 Week; Survey -19K
WASHINGTON -(Dow Jones)- The number of idled U.S. workers filing new claims for unemployment benefits fell last week, a week after rising to its highest level in more than two years, a government report said Thursday.
Initial claims for jobless benefits dropped by 53,000 to 357,000, after seasonal adjustments, in the week that ended Apr. 5, the Labor Department said.
Still, the four-week average of new claims, which economists use to smooth out weekly volatility, last week increased by 2,500 to 378,250 from a revised average of 375,750. The last time claims the average was that high was October 8, 2005.
The number of new jobless claims filed nationwide dropped more than Wall Street had expected. Economists surveyed by Dow Jones Newswires forecast a 19,000 dip in new claims for the week ended Saturday.
A Labor Department analyst said there were no special factors.
The previous Labor Department report for the week ended Mar. 29 showed that claims sharply surged to 407,000, a worrisome level according to economists. Even so, new jobless claims for the week ended Mar. 29 were revised up to 410,000, according to the report released Thursday.
The softening labor market has prompted lawmakers on Capitol Hill to call for new measures to prevent the economy from slipping into a severe, prolonged recession. A separate Labor Department report last week showed that the economy lost 80,000 jobs in March, the biggest decline in five years.
Lately, federal officials have acknowledged that a severe downturn is possible as the labor market shows signs of weakness, the credit market faces turmoil and more homeowners go into foreclosure.
The Labor Department report Thursday included the total number of workers drawing unemployment benefits in the week that ended Mar. 29, the latest period for which that particular data are available. The number - known as continuing claims - rose by 3,000 to 2,940,000, the highest level since July 17, 2004. The unemployment rate for workers with unemployment insurance was unchanged at 2.2%.
Indiana reported the biggest increase in new claims the week of Mar. 29, at 7,443; there were layoffs in the automobile, trade and manufacturing industries. Pennsylvania had the biggest decrease, at 2,513; there were fewer layoffs in the electrical equipment, food, transportation and utilities industry.
By Maya Jackson Randall
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The number of idled U.S. workers filing new claims for unemployment benefits fell last week, a week after rising to its highest level in more than two years, a government report said Thursday.
Initial claims for jobless benefits dropped by 53,000 to 357,000, after seasonal adjustments, in the week that ended Apr. 5, the Labor Department said.
Still, the four-week average of new claims, which economists use to smooth out weekly volatility, last week increased by 2,500 to 378,250 from a revised average of 375,750. The last time claims the average was that high was October 8, 2005.
The number of new jobless claims filed nationwide dropped more than Wall Street had expected. Economists surveyed by Dow Jones Newswires forecast a 19,000 dip in new claims for the week ended Saturday.
A Labor Department analyst said there were no special factors.
The previous Labor Department report for the week ended Mar. 29 showed that claims sharply surged to 407,000, a worrisome level according to economists. Even so, new jobless claims for the week ended Mar. 29 were revised up to 410,000, according to the report released Thursday.
The softening labor market has prompted lawmakers on Capitol Hill to call for new measures to prevent the economy from slipping into a severe, prolonged recession. A separate Labor Department report last week showed that the economy lost 80,000 jobs in March, the biggest decline in five years.
Lately, federal officials have acknowledged that a severe downturn is possible as the labor market shows signs of weakness, the credit market faces turmoil and more homeowners go into foreclosure.
The Labor Department report Thursday included the total number of workers drawing unemployment benefits in the week that ended Mar. 29, the latest period for which that particular data are available. The number - known as continuing claims - rose by 3,000 to 2,940,000, the highest level since July 17, 2004. The unemployment rate for workers with unemployment insurance was unchanged at 2.2%.
Indiana reported the biggest increase in new claims the week of Mar. 29, at 7,443; there were layoffs in the automobile, trade and manufacturing industries. Pennsylvania had the biggest decrease, at 2,513; there were fewer layoffs in the electrical equipment, food, transportation and utilities industry.
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