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Thursday, October 30, 2008
Jobless Claims Hold at 479,000; Continuing Claims Move Lower
FOXBusiness
The number of workers filing new jobless claims remained elevated in the latest week, showing further deterioration in the labor market.
The Labor Department said Thursday initial jobless claims remained unchanged at 479,000. The number of workers who are still collecting jobless benefits inched lower by 12,000 to 3,715,000, the Labor Department said.
The effects of Hurricane Ike are still seeping into the initial jobless claims number. The Labor Department says about 7,500 claims were due to the Hurricane, down from 12,000 the week before.
The four week moving average of jobless claims fell for the consecutive straight week to 475,500. Economists generally point to the four week moving average as more significant than the headline jobless claims number, because it helps to mitigate volatility. This number is well above the level it was at during the 2001 and 1990 recessions.
"There can be no question that the labor market is deteriorating; the only issue is the speed of the decline and the eventual peak in unemployment," High Frequency Economics Chief U.S. Economist Ian Shepherdson wrote in a research note.
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