Initial Jobless Claims Rise Sharply

Washington, DC, July 31, 2008--Initial jobless claims for state unemployment benefits for the week ended July 26 rose 44,000 to a much higher than expected 448,000, due partly to an extended benefits program, the Labor Department reported Thursday.

The data is probably not comparable to recent numbers, and this effect will raise claims for several weeks, according to the government.

The four-week moving average of initial claims rose 11,000 to 393,000. Meanwhile, the number of Americans receiving state jobless benefits rose 185,000 to 3.28 million in the week ending July 19. The four-week moving average of continuing claims rose 42,750 to 3.17 million.