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First-time claims for state unemployment benefits hit their highest level since September 2001, rising to 516,000 in the last week, the Labor Department reported.

 

For the week ending November 8th, initial claims climbed by 32,000, from last week's 484,000.

 

The four-week average of new claims -- which measures the underlying trend in joblessness -- also hit a historic high, shooting up to 491,000. That's the highest since March 1991.

 

There was more gloomy news in continuing claims, which rose to 3.89 million in the week ending November 1st, up 65,000.

 

The level of continuing claims indicates how difficult it is for displaced workers to find new jobs.

 

Unemployment benefits typically run out after 26 weeks for those who are eligible. A new law extends jobless benefits for an additional 13 weeks under a separate federal program.

 

An editorial in the New York Post criticized the report, claiming the government exaggerates new job numbers, leading to artificially low job loss numbers.

 

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