CNN/Money 
graphic
News > Economy
graphic
Jobless claims jump
New weekly claims for unemployment benefits once again cross benchmark 400,000 level.
September 4, 2003: 8:42 AM EDT

NEW YORK (CNN/Money) - Jobless claims jumped last week, the government said Thursday, higher than Wall Street analysts expected, to a level above the benchmark 400,000 that signifies job-market weakness.

The Labor Department report said 413,000 people filed for benefits in the week ended Aug. 30, compared with a revised reading of 398,000 in the prior week. Economists, on average, expected 390,000 new claims, according to a Reuters poll.

Many economists view 400,000 as the sign of a soft job market. Claims were above 400,000 from mid-February to mid-July, 22 straight weeks. Claims dropped in late August to the lowest level since early February, though the data in July and August were skewed somewhat by summer factory shutdowns.

The four-week moving average of new claims, which irons out the volatility of the weekly data, rose to 401,500 from a revised 397,250 the prior week.

Continued claims, the number of people out of work for a week or more, rose to 3.66 million for the week ended Aug. 23, the latest data available, from a revised 3.64 million the prior week.

U.S. stock market futures had little reaction to the report, pointing to a mixed opening on Wall Street. Treasury bond prices rose.  Top of page




  More on NEWS
Why failure is so important to career success
No more credit checks for NYC job seekers
George Lucas wants to build affordable housing in wealthy suburb
  TODAY'S TOP STORIES
These are the world's most powerful passports
How these teens got into the Ivy League
Guess where the hottest housing markets are?




graphic graphic