U.S. Weekly Initial Jobless Claims Drop By 20,000 To 478,000

Washington, D.C. (AHN) - U.S. weekly initial jobless claims for insurance declined by 20,000 to 478,000 during the week ending Oct. 4, according to the Labor Department on Thursday.

The number of individuals filing initial jobless claims for unemployment benefits dropped lower-than-projected last week as the analysts had projected the figure to fall by 22,000

The four-week average of initial jobless claims moved up by 8,250 to 482,500 during the week ending Oct. 6, compared to the claims at 474,250 the week prior and up from 317,000 reported a year earlier.

The four-week average, which smoothens out the weekly volatility, was the highest level during the last recession and since October 2001.

While, the four-week average of continuing jobless claims increased by 56,000 to reach 3.659 million, the most since June 2003, compared to 3.603 million the prior week.

Weekly claims have averaged 390,000 so far this year, compared with an average 321,000 during the complete 2007.

Today's report showed that there were 35 states and territories reported an increase in initial jobless claims. The rest 18 registered a decline in the unemployment claims for the September 27 week.

The State of Texas led the biggest increase in the claims for the week ended Sept. 27 by laying-off 13,500. Louisiana also registered an increase in the claims 3500 workers. Both the states were hit by Hurricane Ike and Gustav.