Initial Unemployment Claims Fall 21,000

Washington, DC, January 3, 2008—Initial unemployment claims fell 21,000 last week, although continuing claims continued to rise, according to the Labor Department.

Initial claims fell to 336,000 for the week ended Dec. 29. The previous week's level of initial jobless claims was revised to 357,000, the highest level since October 2005, from an earlier estimate of 349,000.

The four-week moving average for initial claims fell 750 to 343,750.

Initial claims were at 326,000 a year ago.

Continuing unemployment claims rose 46,000 to 2.76 million for the week ended Dec. 22. It was the highest level since Oct. 2005.

The insured unemployment rate, or the portion of all workers covered by unemployment insurance who are collecting benefits, rose to 2.1%.