Jobless Claims Rise to Two-Year High

Washington, DC, December 27, 2007--First-time jobless claims were up 1,000 last week while continuing claims reached the highest level in more than two years, the Labor Department reported Thursday.

Initial claims rose totaled 349,000 for the week ended Dec. 22, compared to 322,000 a year ago.

The four-week moving average for continuing claims rose 13,500 to 2.64 million, the highest since early in December 2005.

Initial claims represent loss of jobs in the economy, while the level of continuing claims indicates how difficult it is for displaced workers to find new jobs.