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Jobless claims rise to 430,000
New weekly claims for unemployment benefits come in much higher than expected
July 3, 2003: 8:36 AM EDT

NEW YORK (CNN/Money) - New jobless claims in the United States came in much higher than expected last week, the government said Thursday, continuing to reflect a labor market struggling to recover.

The Labor Department said the number of Americans filing new claims for unemployment benefits rose to 430,000 in the week ended June 28, from a revised 409,000 the prior week.

Economists, on average, expected 412,000 new claims, according to a Reuters poll. A level above 400,000 represents a stagnant labor market.

The four-week moving average of new claims, which irons out the ups and downs of the volatile weekly data, fell to 425,000 from a revised 429,500 the prior week

Continued claims, the number of people out of work for a week or more, rose modestly to 3.75 million in the week ended June 21, the latest data available, from a revised 3.71 million the prior week  Top of page

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