U.S. Weekly Initial Jobless Claims Jump Again To 16-Year High

November 20, 2008 12:30 p.m. EST

Washington, D.C. (AHN) - U.S. weekly initial jobless claims for insurance increased by 27,000 to 542,000, reaching a 16-year high, during the week ending November 15, according to the data released by the Labor Department on Thursday.

Last week, the weekly jobless claims increased for the third time more than 500,000 since 1992.

The four-week average of initial jobless claims moved down by 15,750 to 506,500 last week, compared to the claims at 490,750 the week prior.

The four-week average, which smoothens out the weekly volatility, was at the highest level the week prior since January 1983.

The continuing number of individuals collecting regular state unemployment benefits moved up by 109,000 to a seasonally adjusted 4.012 million in the week ending Nov. 8.

The four-week average of continuing claims increased by 71,250 to 3.86 million, the report showed on Thursday.

Today's report showed that there were 43 states and territories reported a decrease in initial jobless claims. The rest 10 registered a decline in the unemployment claims for the November 8 week.

The Labor Department report on Thursday showed the unemployment rate for workers with unemployment insurance, which tends to track the U.S. jobless rate, increased to 3 percent from the previous rate of 2.9 percent.

Last month, the unemployment rate increased to 6.5 percent, pushing up the total number of jobs cut by the firms in different sectors to 1.2 million jobs during the first ten months in 2008.