Initial Jobless Claims Rise More Than Forecast

Washington, DC, Sept. 4, 2008--Initial jobless claims for unemployment insurance climbed more than forecast, and benefit rolls reached a five-year high, according to the Labor Department.

Initial jobless claims rose to 444,000 in the week ended Aug. 30, while the number of Americans continuing to collect benefits increased to 3.435 million in the prior week.

The figures reinforce projections for tomorrow's August employment report from the Labor Department to show an eighth straight month of payroll declines.

Economists had forecast initial claims would fall to 420,000 from a previously reported 425,000 in the prior week.

So far this year, weekly claims have averaged 378,000, compared with 321,000 for all of 2007, when the economy generated 91,000 new jobs each month on average.