Jobless claims decline

Number of Americans applying for unemployment insurance is below economists' forecasts.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Lara Moscrip, CNNMoney.com contributing writer

What should be at the top of the next president's economic agenda?
  • Solving the credit crunch
  • Creating new jobs
  • Reducing the deficit
  • Halting the housing meltdown
  • Cutting taxes

NEW YORK (CNNMoney.com) -- The number of out-of-work Americans filing new claims for unemployment insurance last week fell more than expected, according to a government report released Thursday.

The U.S. Department of Labor reported that initial filings for state jobless benefits decreased by 16,000 to a seasonally adjusted 461,000 in the week ended Oct. 11. For the week prior, initial claims were revised down by 1,000 to 477,000.

Economists surveyed by Briefing.com expected the number to decline to 470,000.

Two weeks prior, unemployment claims spiked to 499,000, the highest level recorded since the 517,000 claims filed in the wake of the Sept. 11 terrorist attacks.

Despite fewer jobless claims from hurricane-affected areas in Texas and Louisiana, the four-week moving average rose by 750 to 483,250. The measure tends to smooth fluctuations in the data and a level at or above 400,000 was present throughout the last two recessions.

The number of American workers collecting benefits for more than one week jumped by 40,000 to 3,711,000, the highest level in more than five years. The four-week moving average jumped 65,000 to 3,632,000 from the previous week.

Layoffs in the automobile industry caused unemployment filings to spike in Ohio and Michigan. California and Florida reported a high number of layoffs in the service industry.

This week, soft drink maker PepsiCo (PEP, Fortune 500) said it plans to cut 3,300 jobs, Barclays PLC announced it will cut about 3,000 jobs, General Motors (GM, Fortune 500) will close plants in Michigan and Wisconsin, affecting about 2,500 jobs, and Micron Technology Inc (MU, Fortune 500). reported it will close a factory and cut about 15% of its work force.

The Labor Department reported that the U.S. economy lost 159,000 jobs in September, the ninth straight month of losses in a year that has seen 760,000 jobs disappear so far. Last month, the unemployment rate remained unchanged from the prior month at 6.1%. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
My whirlwind 24 hours in Taiwan as a bridal supermodel Unlike the West, Taiwanese brides-to-be sit for hun sha ?? photo sessions before their actual wedding day. The photos are seen as a status symbol as well as a way to capture the brides' youth and glamor. More
8 startups that'll make your travel experience so much better Here are the new travel apps and services that will make trips easier, less time-consuming, and more fun for the every day business traveler. More
7 'Most American' cars Cars.com says these cars do the most for the American economy. More
Sponsors