12 July 2001, 17:26  US Jobless Claims-OVERVIEW

--US new jobless claims +42,000 at 445,000 in latest week
--US new jobless claims highest in nearly nine years
--Labor aide says auto-related layoffs behind new claims surge
--US new jobless claims four-week average +2,500 at 410,750
--US jobless claiming benefits +36,000 to 3.046 million
--US jobless continuing claims highest since October 1992
--US jobless benefits 4-week average +33,250 to 3,002,000

Washington, July 12 (BridgeNews) - Larger-than-expected auto-industry layoffs pushed new claims for U.S. state unemployment insurance benefits up 42,000, to 445,000, during the week ended July 7--the highest level in nearly nine years, the U.S. Labor Department said. Analysts surveyed by BridgeNews were expecting initial claims of just 395,000. The four-week moving average rose 2,500, to 410,750.
Initial jobless claims in the latest week were at the highest level since the week ended July 25, 1992, when they were at 539,000, according to Labor.
A Labor Department aide noted that the week ended Saturday was the "first week of auto retooling season." The government seasonal factor expected a "very large rise" in claims and "got an even bigger rise," the aide said, noting that the "vast majority of the rise (was) in states traditionally thought of as auto (producing) states."
Further details were not available, the aide said.
The estimates of analysts surveyed by BridgeNews forecast initial jobless claims for the latest week in a range of 375,000 to 415,000.
For the week ended June 30, initial claims rose 12,000 to a seasonally adjusted 403,000, Labor said. For the same week, the four-week moving average for new claims was 408,250.
In new data for the week ended June 30, continuing claims rose 36,000 to a seasonally adjusted 3.046 million, the highest level since the week ended Oct. 24, 1992. The four-week moving average for continuing claims was 3.002 million, a rise of 33,250. The four-week average reached its highest point since the week ended Nov. 14, 1992.
The seasonally adjusted rate of insured unemployment during the week ended June 30 held steady at 2.4%. 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.

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