Initial jobless claims rise to highest level since 1982

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Source: CBS Marketwatch

ONGOING JOBLESS CLAIMS HIT FRESH RECORD AT 5.73 MILLION, U.S. WEEKLY DATA SHOW

First-time claims for state unemployment benefits rose a seasonally adjusted 12,000 in the week ended March 28, hitting the highest level since October 1982, the Labor Department reported Thursday. These initial claims totaled 669,000, a level that is up 72% from the same period in the prior year. The four-week average of these initial claims rose 6,500 to 656,750 - also the highest level since October 1982. For the week ended March 21, the number of people collecting state unemployment benefits reached yet another new record, jumping 161,000 to 5.73 million - a level that is 96% greater than in the prior year. The four-week average of these continuing claims rose 163,500 to a record 5.5 million. The insured unemployment rate - the proportion of covered workers who are receiving benefits - rose to 4.3% from 4.2%, reaching the highest level since May 1983.

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