3 January 2002, 16:36 US weekly jobless claims up 36,000 to 447,000
WASHINGTON (AFX) - Initial claims for regular state unemployment
benefits rose 36,000 to a seasonally adjusted 447,000 for the week
ended Dec 29 from the previous week, the Labor Department said.
The rise in claims was unexpected. The consensus forecast of Wall
Street economists was for jobless claims to fall by 4,000 to 388,000.
The unexpected rise in claims was due in part to a large revision
to the previous week's data, according to a Labor Department spokesman
who added that weekly data at this time of the year are more likely to
be revised because seasonal holidays compress the reporting periods for
compiling the data.
Jobless claims for the week ended Dec 22 rose a revised 26,000 to
411,000, compared with the initial estimate of a 7,000 increase to
392,000.
The four-week moving average for initial jobless claims fell 8,250
to 409,750, marking the lowest level in the four-week moving average
since the week ended Sept 1.
On an unadjusted basis, claims rose 107,706 to 637,276 for the week
ended Dec 29. There were 573,284 claims in the comparable week of 2000.
The unadjusted level of claims is now at its highest level since
the week ended Jan 9, 1999.
For the week ended Dec 22, the insured unemployment rate was 2.9
pct, unchanged compared with the previous week.
Continuing jobless claims for the week ended Dec 22 increased
42,000 to 3.72 mln.
Continuing claims include workers who have already filed an initial
jobless claim, and are now drawing unemployment benefits.
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