Initial claims for unemployment benefits in the United States rose above consensus expectations to 542k, the highest level since 1992, the Department of Labor reported on Thursday. Continuing claims rose above 4 million for the week ending Nov. 8, their highest level since 1982.
Initial jobless claims were expected to fall to 505k. Last week's figure was revised down by 1k to 515k.
The four-week moving average for initial claims has now broken the 500k threshold for the first time since 1983, reaching 506,500, up from 490,750 in the previous week.
Continuing claims soared up by 109k to 4.012 million, against expectations of a slight rise to 3.900 million. The previous week's figure was upwardly revised figure to 3.903 million.
Continuing claims have been above the 3 million mark for 27 consecutive weeks. The four-week moving average is now 3.867 million, up from the moving average of 3.795 million in the previous week.
Claims have recently been higher than normal following new rules introduced by the Department of Labor that made filing for unemployment benefits easier, as well as effects from recent hurricanes, although economists agree these effects are beginning to wear off.
By Patrick McGee and edited by Stephen Huebl
©CEP News Ltd. 2008