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Jobless claims increase
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July 13, 2000: 9:20 a.m. ET
New unemployment claims rise to 319,000, highest since June 1999
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NEW YORK (CNNfn) - The number of Americans filing new claims for unemployment benefits rose to 319,000 for the week ended July 8 from a revised 292,000 the prior week, the U.S. Labor Department said Thursday.
That was the highest level since June 5, 1999, when claims were 323,000, and reflected in part layoffs in the auto industry as plants gear up for new models.
The four week-moving average of claims, which generally provides a more accurate picture of jobless trends, also rose last week to 305,500. That matched the level reached June 24.
 Government analysts believed much of the increase probably was due to layoffs by automakers, which traditionally retool their assembly lines around this time of the year for new models of cars and trucks.
The Federal Reserve has boosted interest rates six times over the last year to slow economic growth and keep inflation in check. There have been indications in some recent economic reports, including retail sales and home sales, that the Fed's rates increases are working.
Jobless claims also have been drifting higher, which economists view as a sign the red-hot labor market may be cooling a tad.
Thursday's report also said that in the week ended July 1, 22 states and territories reported increases in new jobless claims while 31 reported decreases. The state data lag the national figures by a week. 
-- from staff and wire reports
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