ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, November 22, 1996 TAG: 9611220044
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
DATELINE: WASHINGTON
The number of newly idled workers filing for unemployment benefits jumped 17,000 last week to the highest level since summer.
Analysts were uncertain about the cause of the surge, which was eight times larger than many had expected, or whether it would be reversed in coming weeks.
``However, if initial unemployment claims continue to maintain levels above 340,000, such a trend would indicate a clear moderation from labor conditions that were prevalent in the early fall and late summer,'' said Elliott Platt, an economist with Donaldson, Lufkin & Jenrette Securities Corp.
The Labor Department said Thursday applications for unemployment insurance totaled a seasonally adjusted 344,000, up from 327,000 a week earlier and the highest since 367,000 were filed during the week ended July 13.
The four-week moving average of new claims rose by 6,250 to 336,250, matching the level reached during the period ended Oct. 12. Many analysts prefer to track the less-volatile four-week average because it smooths out the spikes in the weekly reports.
-Associated Press
LENGTH: Short : 31 linesby CNB