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New jobless claims fell more than expected
last week but are stuck at elevated levels, while those continuing
to receive unemployment insurance set a record for the 11th
straight week.


      The Labor Department said Thursday the tally of initial jobless
claims fell to a seasonally adjusted 654,000, down from a revised
674,000 the previous week. Analysts expected claims to drop to
660,000.


      But the total number of laid-off Americans receiving
unemployment rose to 5.84 million, from 5.75 million. That was the
most on records dating from 1967 and higher than analysts expected.


      The four-week average of claims, which smooths out fluctuations,
fell slightly to 657,250, the first drop after 11 straight
increases.


      Still, the declines are from very high levels. The 674,000
figure was the highest number of initial claims in the current
recession and the most in 26 years, though the labor market has
grown by half since then.


      Initial claims reflect the pace of layoffs by companies and are
considered a timely, if volatile, measure of the economy. A year
ago, claims stood at 358,000.


      The 5.84 million continuing claims lag the initial claims data
by a week and doesn't include 1.54 million Americans that received
benefits under an extended unemployment compensation program
approved by Congress last year. That adds 20 to 33 weeks of
benefits on top of the typical 26 weeks provided by states.


      The high level of continuing claims is a sign that many laid-off
workers are having difficulty finding new jobs.


      Among the states, Kentucky saw the largest jump in claims for
the week ending March 28, an increase of more than 5,000 due to
layoffs in the auto and manufacturing industries. Michigan,
Illinois, Ohio and Tennessee reported the next largest increases.


      California had the biggest drop in recipients of more than
7,000, which it said was due to fewer layoffs in the service and
manufacturing industries. Pennsylvania, Missouri, Kansas and
Minnesota had the next largest drops.


      More job losses were announced this week. Newspaper publisher
A.H. Belo Corp., which owns the Dallas Morning News, said it would
eliminate 500 positions, or 14 percent of its work force. Goodyear
Tire & Rubber said it will cut 5,000 jobs, or about 7 percent of
its employees, this year. Equipment maker Deere & Co. said 160
employees at its plant near Des Moines, Iowa, will be laid off
later this month due to reduced demand.
      

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Business and Economic News

New jobless claims fell more than expected
last week but are stuck at elevated levels, while those continuing
to receive unemployment insurance set a record for the 11th
straight week.


New jobless claims fall more than expected to 654K

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