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.