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U.S. jobless claims higher
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May 24, 2001: 9:00 a.m. ET
Weekly claims pass forecasts; continuing claims highest since 1994
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NEW YORK (CNNfn) - The number of new U.S. jobless claims rose last week, the government reported Thursday, a sign of continued weakness in the labor market.
New claims for state unemployment benefits rose to 407,000 in the week ended May 19 from a revised 392,000 the prior week, the Labor Department reported.
The prior week's reading was the lowest in about a month and came after claims had climbed to the highest level in five years in prior weeks.
Analysts surveyed by Briefing.com had forecast new claims of 390,000 for last week.
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The four-week moving average of new claims, considered a better gauge of jobless trends, slipped to 403,000 from the previous week's revised 404,250.
Economists watch the four-week moving average more closely because it smoothes out fluctuations in the weekly data.
Continued claims -- those workers who already have claimed at least a week of benefits – rose to about 2.77 million in the week ended May 12, the latest data available, from a revised 2.68 million the previous week. It was the highest level since June 11, 1994, when continued claims reached 2.78 million. 
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