Ongoing Jobless Claims Hit 18-Year High November 8, 2001

WASHINGTON, Nov 8 (Reuters) - Fewer Americans applied for first-time unemployment benefits last week, but the number of workers remaining jobless hit its highest level in more than 18 years, the U.S. government said on Thursday in a report showing weak labor conditions in a struggling economy.

The number of initial jobless claims fell by 46,000 to a seasonally adjusted 450,000 for the week ended Nov. 3, the Labor Department said. However, the number of workers staying on jobless benefits reached its highest level since April 23, 1983, when the economy was struggling out of recession.

These so-called continued jobless claims rose by 34,000 to 3.72 million for the week ended Oct. 27, the most recent week for which the data were available, the department said.

Economists in a Reuters poll forecast, on average, that claims would edge up slightly to 504,000. But this weekly report fluctuates, especially in uncertain economic times, drawing more attention from economists to the four-week moving average of claims.

That average, more reliable because it irons out weekly fluctuations, slipped down to 487,250 claims last week from 496,000.

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-- Guy Daley (guydaley1@netzero.net), November 08, 2001