Jobless Claims Rise as Benefits Extended
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First-time jobless claims surged last week to the highest level in four months, boosted by a new law permitting workers whose benefits had expired to apply for an extension.
State unemployment offices received 460,000 new applications last week, up 64,000 in the week that ended Saturday, the Labor Department said. A week earlier, initial claims rose by 20,000.
The law, signed March 9 by President Bush, was part of a package to help cushion the blow of the recession that started last year. The resulting jump in claims over the last two weeks is masking a slow improvement in labor markets, analysts said. Unemployment fell in February to a four-month low of 5.5%.
The four-week moving average of claims, which smoothes out volatility in the weekly numbers, rose to 403,750 last week from 384,000.
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