Initial Jobless Claims Rise by 4,000

Washington, DC, May 29, 2008--Initial jobless claims for state benefits rose 4,000 last week as the number of continuing claims stayed at a level not seen in four years, the Labor Department reported Thursday.
 
First-time claims, at 372,000, are still in the range that suggests a weak labor market. A year ago, initial claims were at 310,000.

The four-week average of initial claims, which measures the underlying unemployment trends, fell to 370,500, down 2,500.
 
That's still much higher than a year ago, when the four-week average was at 305,000.
 
Continuing unemployment claims increased by 36,000 to 3.1 million in the latest week, a sign that laid off workers are having a hard time finding new jobs.