18 August 2005, 17:28  Jobless claims reclaim highest level since early July

First-time filings for state unemployment benefits rose by 6,000 to a seasonally adjusted 316,000 last week, the Labor Department said Thursday. This is the highest level since the week ended July 9. The increase was larger than expected. Economists surveyed by MarketWatch had been expecting claims to rise to about 310,000 from the initial estimate last week of 308,000. The four-week average of new claims rose by 2,750 to 312,750. Continuing jobless claims, meanwhile, jumped by 28,000 to 2.59 million in the week ended Aug.6. The four-week average of continuing claims rose 5,500 to 2.59 million. The insured unemployment rate, which makes up the proportion of all covered workers who are receiving benefits, remained unchanged at 2% for the week ended Aug. 6. Jobless benefits are generally available for 26 weeks to workers who lose their jobs through no fault of their own.

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