Initial Jobless Claims at 16-Year High

Washington, DC, Nov. 20, 2008–Weekly initial jobless claims rose by 27,000 to 542,000 in the week ending Nov. 15, the highest since July 1992, the Labor Department reported Thursday.

The four-week average of initial claims climbed by 15,750 to 506,500, the highest since January 1983.

Continuing jobless claims rose by 109,000 to 4.01 million in the week ending Nov. 8 and the four-week average of continuing claims rose by 71,250 to 3.86 million.