The number of US workers filing new claims for jobless benefits rose by a larger than expected 27,000 last week to their highest level in 16 years, Labor Department data showed today, as a harsh economic environment forces employers to cut back on hiring.
Initial claims for state unemployment insurance benefits were a seasonally adjusted 542,000 in the week ended November 15th from a revised 515,000 the previous week.
A Labor Department official said there were no special factors influencing the report.
The four-week moving average of new jobless claims, a better gauge of underlying labor trends because it irons out week-to-week volatility, rose to 506,500 from 490,750 the week before, the highest since the start of 1983.
Continuing claims were 4.012 million in the week ended November 8th, the latest data available, up from 3.903 million the prior week and the highest since December 1982.
Reuters