US jobless claims head higher
WASHINGTON: New US jobless claims rose last week after two weeks of declines, official data showed Thursday, underscoring high unemployment that is crippling the economic recovery.
Initial claims for unemployment benefits totaled a seasonally adjusted 424,000 in the week ending May 21, an increase of 10,000 claims from the prior week, the Labor Department said.
The four-week moving average, which smooths volatility, fell to 438,500 last week, down 1,750 claims from the previous week.
Claims have remained above the 400,000 threshold since early April. In the face of economic insecurity, employers have been reluctant to hire. The unemployment rate rose to 9.0 percent in April after falling for four straight months.
Copyright AFP (Agence France-Presse), 2011
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