Initial Jobless Claims Rise

Washington, DC, May 15, 2008--Initial jobless claims rose last week, and the total receiving unemployment benefits rose to the highest level in more than four years.

First-time claims increased to 371,000, in line with estimates, from 365,000 the prior week, the Labor Department said. Total benefit rolls gained 28,000 to 3.06 million for the week ended May 3.

Companies are shedding jobs faster as the housing slump  undermines home values, consumer spending and overall growth.

The four-week moving average for initial claims, a less volatile measure, dropped by 1,000 to 365,750. Total benefit rolls rose in the week ended May 3 to the highest level since March 2004.