Thursday June 7 8:51 AM ET

Jobless Claims at Highest Level Since '92

WASHINGTON (Reuters) - The number of new applications for state jobless benefits rose to its highest level in more than 8-1/2 years, the government said on Thursday, in a report showing a job market that continues to soften.

Initial claims for state unemployment insurance benefits rose to 432,000 in the Memorial Day holiday-shortened week ended June 2 from 419,000 in the prior week, the Labor Department (news - web sites) said.

Claims have not been at this high a level since the week of Sept. 19, 1992, when they stood at 438,000 as the U.S. economy was struggling to emerge from the 1990-91 recession.

New claims have also held above the key 400,000 mark -- indicating a weakening job market -- for three straight weeks, the longest such stretch since a five-week string in that ended in September 1992.

-- Anonymous, June 07, 2001