MW: U.S. ongoing jobless claims rise 122,000 to record 5.56 mln
The number of people collecting state unemployment benefits has reached yet another new record, jumping 122,000 to a seasonally adjusted 5.56 million in the week ending March 14, the Labor Department reported Thursday. The four-week average of these claims rose 123,750 to 5.33 million, also a new record. For the week ending March 21, first-time claims for benefits rose 8,000 to 652,000, a level that is 78% higher than the same period in the prior year. The four-week average of these initial claims fell 1,000 to 649,000. The insured unemployment rate - the proportion of covered workers who are receiving benefits - rose to 4.2% from 4.1%, reaching the highest level since May 1983.
