7 June 2001, 16:33  U.S. WEEKLY JOBLESS CLAIMS UP 13,000 TO 432,000

--US new jobless claims +13,000 at 432,000 in latest week
--US new jobless claims highest since Sept 1992
--US new jobless claims 4-week average +11,000 at 413,500
--US new jobless claims 4-week average highest since Oct 1992
--US jobless claiming benefits +209,000 to 2.993 million
--US jobless claiming benefits highest since Nov 1992
--US jobless benefits 4-week average +72,500 to 2,804,500

Washington, June 7 (BridgeNews) - In a broad easing of the labor market, nearly every measurement of weekly jobless claims set 9-year highs in the latest week. New claims for U.S. state unemployment insurance benefits rose 13,000 to 432,000 during the week ended Saturday, the highest since September 1992. That was above the 411,000 median estimate of analysts surveyed by BridgeNews. The 4-week moving average rose 11,000 to 413,500, the highest average since October 1992.
* * * The estimates of analysts surveyed by BridgeNews put initial jobless claims for the latest week in a range of 405,000 to 425,000.
For the week ended May 26, initial claims rose 8,000 to a seasonally adjusted 419,000, Labor said. For the same week, the 4-week moving average for new claims was 402,500 per week.
In new data for the week ended May 26, 2.993 million people were reported claiming unemployment benefits under regular state programs, the highest level since November 1992, and up 209,000 from the previous week's revised 2.784 million, Labor said. The 4-week moving average for the week for continuing claims rose 26,000 to 2,804,500.
The seasonally adjusted rate of insured unemployment during the week ended May 26 rose to 2.3%, the highest rate in 5 years, from the previous week's 2.2%. The ratio represents people claiming benefits as a percentage of the workforce potentially eligible for these benefits.
Data on continuing claims and the insured unemployment rate are reported with a one-week delay.
Some analysts fear the recent rise of jobless claims presages a further slackening of the labor market which may undermine consumers' willingness to spend.
As such outlays are responsible for two-thirds of the economy they are key to whether it will recover quickly from the slowdown that began last September and so central to whether the Federal Reserve will be forced to cut interest rates further.
Jobless claims have now been above 400,000 for three straight weeks, for the first time since September 1992.

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