WASHINGTON (Reuters) — The number of American workers filing new claims for jobless benefits rose by a larger than expected 15,000 last week, government data showed on Thursday, reinforcing evidence that the labor market is weak.þþInitial claims for state unemployment insurance benefits increased to a seasonally adjusted 478,000 in the week ended Oct. 18, from a revised 463,000 the previous week, the Labor Department said.þþAnalysts polled by Reuters had forecast 470,000 new claims versus a previously reported count of 461,000 the week before. The Labor Department said that the effects of Hurricane Ike in Texas added roughly 12,000 claims to the total.þþ“The story is that the underlying trend is moving up pretty strongly and job losses are clearly getting worse,” said Nigel Gault, chief United States economist at Global Insight in Lexington, Mass.þþThe four-week average of new jobless claims, a better gauge of underlying labor trends because it irons out week-to-week volatility, declined to 480,250 from 484,750 the week before. This was the lowest reading since late September, but remained at a high level.þþThis measure has mounted steadily as the United States housing slump chills growth and crimps hiring.þþThe number of people remaining on the benefits roll after drawing an initial week of aid decreased 6,000 to 3.72 million in the week ended Oct. 11, the most recent week for which data is available.þþAnalysts estimated that so-called continued claims would be 3.72 million. It was the 26th consecutive week that claims were above 3 million in a sign that the slowing economy was making it harder for workers to find jobsþ
Source: NY Times
