Initial jobless claims fall, but continuing claims hit 26-year high

{ Posted on Dec 31 2008 by Joseph Lazzaro }
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Jobless claims closed out 2008 basically the way they came in: abysmally.

U.S. weekly jobless claims fell 94,000 to 492,000 for the week ending December 27, the U.S. Labor Department announced Wednesday, but the weekly total nevertheless remained 45% higher than a year ago.

Even worse, continuing claims rocketed 140,000 higher to 4.51 million -- the highest continuing claims total since December 1982. Economists note that the high continuing claims level reflects labor market stress, and the long time it takes for those downsized to find comparable employment. Few companies are filling vacancies, and even temporary work assignments are declining, another negative sign for the labor market.

Economists surveyed by Bloomberg News had expected this week's initial jobless claims to total 550,000.

Continue reading Initial jobless claims fall, but continuing claims hit 26-year high

Initial jobless claims fall, but continuing claims hit 26-year high originally appeared on BloggingStocks on Wed, 31 Dec 2008 09:15:00 EST. Please see our terms for use of feeds.

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