New jobless and continued claims rise (Reuters) (29-05-2008)

WASHINGTON (Reuters) - The Labor Department said on Thursday that newly laid off workers in the U.S. filing claims for jobless benefits came in slightly higher than expected last week, but those remaining on benefit was reported at the highest mark in more than four years.

Initial claims for state unemployment insurance benefits climbed to 372,000 in the week ended May 24 from an upwardly revised 368,000 for the prior week, the Labor Department said.

Analysts polled by Reuters were expecting 370,000 in new claims, up from the originally reported 365,000 in the prior week.

The four-week average of new jobless claims, which is considered a more accurate measurement of employment trends since it evens out weekly volatility, dipped to 370,500 in the week ended May 24 from a revised 373,000 in the previous week.

That was the highest level since the week ended February 14, 2004, when it reached 3.17 million.

  Source Reuters