MW: U.S. weekly initial jobless claims rise 9,000 to 654,000
Signaling persistent labor market weakness, the number of workers filing initial claims for state unemployment benefits rose 9,000 to a seasonally adjusted 654,000 last week, the Labor Department reported Thursday. The smoothed average of new claims over the past four weeks rose 6,750 to 650,000 -- the highest level since October 1982. The number of people receiving unemployment checks in the week ending Feb. 28 rose 193,000 to a record 5.32 million. The four-week average of these ongoing claims increased 124,250 to 5.14 million, also a record high level. Meanwhile, the insured unemployment rate, the proportion of covered workers receiving benefits, rose to 4% -- the highest since June 1983 -- from 3.8%. The data go back to 1967.
