Initial Jobless Claims Unchanged

Washington, DC, Oct. 20, 2008--Initial jobless claims held steady in the latest week after a jump in the previous period, the Labor Department said Thursday.

New applications for state unemployment benefits were unchanged at 479,000 in the week ended Oct. 25.
About 7,500 new claims stemmed from Hurricane Ike, but the effect on the data is starting to diminish, a Labor Department official said.
 
Economists had expected claims to fall to 473,000 after a jump in the previous period.
 
But overall, economists have no doubt that claims are heading higher as the economy weakens and the credit crunch lingers. Claims peaked at 499,000 in late September.
 
The four-week average of seasonally adjusted initial jobless claims fell 5,000 to 475,500.

Meanwhile, the number of people collecting regular state unemployment benefits fell 12,000 to a seasonally adjusted 3.72 million in the week ended Oct. 18, while the four-week average of continuing claims rose 28,000 to 3.71 million, the highest in more than five years.
 
The U.S. economy has lost jobs for nine consecutive months, and more losses are expected in October.