Initial Jobless Claims Hold Steady

Washington, DC, Nov. 19, 2009--Initial jobless claims were unchanged last week, remaining above the level that would indicate the economy is adding jobs.

However, new claims are down about 22 percent from this spring.

The Labor Department said Thursday that first-time claims for jobless benefits were a seasonally adjusted 505,000, the same as the previous week's revised figure and matching analysts' expectations. A year ago, there were 533,000 initial claims.

The four-week average, which smooths out volatility, fell for the 11th straight week to 514,000, the lowest level in almost a year.

While the steady decline in claims is evidence that firings are decreasing, most economists say weekly claims would have to fall to about 425,000 for several weeks to signal that the economy is actually adding jobs. Some economists put the number higher, around 475,000.