MarketWatch: Jobless claims at highest in seven years [View All]

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Hurricanes lead to spike in U.S. jobless claims
Weekly initial claims highest in seven years
By Robert Schroeder, MarketWatch



WASHINGTON (MarketWatch) -- U.S. weekly jobless claims shot to their highest level in seven years in the latest week, the Labor Department said Thursday, as people in the hurricane-hit states of Louisiana and Texas filed for benefits.

First-time filings for unemployment benefits jumped by 32,000, to 493,000 for the week ended Sept. 20, the Labor Department reported. The higher number reflects claims following the damage wreaked by Hurricane Gustav in Louisiana and Hurricane Ike in Texas.

The four-week average of claims -- a measure of the underlying trend -- also jumped, rising by 16,000, to 462,500, the highest since November 2001.

Meanwhile, the number of people continuing to claim benefits remained elevated, reflecting the difficulty many workers are having finding jobs.

Continuing claims stood at 3.54 million for the week ended Sept. 13, a five-year high. Continuing claims have been above 3 million since mid-April.

The four-week average of continuing claims also remained at a five-year high, hitting 3.48 million. .......(more)

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