Number Of First Time Unemployment Claims Rising

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CNN: The number of out-of-work Americans filing new claims for unemployment insurance rose last week, the government said Thursday, reflecting continuing weakness in the nation’s economy.

The U.S. Department of labour reported that initial filings for state jobless benefits increased by 15,000 to a seasonally adjusted 478,000 in the week ended Oct. 18. For the week prior, initial claims were revised up by 2,000 to 463,000.

Economists surveyed by expected the number to rise to 465,000.

Three weeks prior, unemployment claims spiked to 499,000, the highest level recorded since the 517,000 claims filed in the wake of the Sept. 11 terrorist attacks.

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