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Jobless claims jump
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October 7, 1999: 12:53 p.m. ET
First-time claims hit 312,000, well above analysts' forecasts
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NEW YORK (CNNfn) - The number of Americans filing first-time claims for state unemployment benefits rose to a greater-than-expected 312,000 for the week ended Oct. 2, boosted by the effects of Hurricane Floyd, a government report indicated Thursday.
The figure exceeded economists' forecasts of 292,000 for the latest reporting week and were up from a revised 302,000 the week before, the Labor Department said. That's the highest level for weekly claims since July 17.
Hurricane Floyd, which struck the U.S. East Coast in mid-September, led to widespread flooding in several states, especially North Carolina, shuttering businesses and idling some construction sites and factories.
"There continues to be some effect (from Hurricane Floyd), but we can't explain" how much responsibility it has for the rise, said Cindy Ambler, a Labor Department spokeswoman.
The four-week moving average, which generally provides a more accurate picture of jobless trends, rose to 294,000 from a revised 289,000 the prior week.
New claims have been hovering near the 300,000-mark since mid-January, a level consistent with a strong job market. Economists will be keeping a close eye on the Labor Department's much broader monthly employment report, to be released Friday.
Continued claims were 2,202,000 for the week ended Sept. 25, the latest data available, up from a revised 2,173,000 a week earlier.
-- from staff and wire reports
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US Department of Labor
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