--US new jobless claims +18,000 at 408,000 in latest week
--US initial jobless claims level highest since March 1996
--US jobless claims 4-wk avg +10,750 at 394,500, highest since 1992
--US jobless claiming benefits +156,000 at 2.680 million
--US jobless benefits 4-week average +40,750 at 2,563,000

Washington, April 26 (BridgeNews) - New claims for U.S. state unemployment insurance benefits jumped 18,000 to 408,000 during the week ended Saturday, the highest level of new claims since March 1996, the U.S. Labor Department announced Thursday. New jobless claims were well above the 388,000 median estimate of analysts surveyed by BridgeNews. The 4-week moving average for new claims surged 10,750, to 394,500, the highest level since October 1992.
* * * Half of the rise in initial claims stemmed from spring break-related layoffs of hourly school workers in the state of New York, a Labor spokesperson said.
The magnitude of the increase caught government statisticians off guard.
The seasonal adjustment factor for the latest week anticipated a "flat week" in terms of unadjusted claims, the aide said.
The estimates of analysts surveyed by BridgeNews put initial jobless claims for the latest week in a range of 380,000 to 390,000.
For the week ended April 14, initial claims declined 6,000, to a seasonally adjusted 390,000, Labor said. For the same week, the 4-week moving average for new claims was 383,750.
In new data for the week ended April 14, people claiming unemployment benefits under regular state programs jumped 156,000, to 2.680 million, the highest since March 1996, Labor said. The four-week moving average for continuing claims rose 40,750, to 2.563 million, the highest since June 1996.

UNEMPLOYMENT RATE RISES TO 2.1%, HIGHEST SINCE 1997
The seasonally adjusted rate of insured unemployment during the week ended April 14 edged up to 2.1% from the previous week's 2.0%. The ratio, which represents people claiming benefits as a percentage of the workforce potentially eligible for these benefits, has not been this high since February 1997.
Claims have been rising in recent months as economic growth has slowed and companies have announced layoffs. Analysts expect the labor market to ease further going forward as demand weakens and corporate profit margins come under pressure.
The April U.S. unemployment report, due May 4, will shed further light on the evolving labor situation. End