Jobless Claims at Record Levels

June 7, 2001 ( - The number of initial unemployment insurance claims reached 432,000 on a seasonally adjusted basis, its highest level in nearly nine years, according to data released by the Department of Labor.

The latest Initial claims figure, which increased by 13,000 from last week’s level, against analyst expectations, has not been this high since September 19, 1992, when claims reached 438,000.

The more stable four-week moving average of jobless claims, a more reliable indicator of economic activity, also rose last week to 413,500, its highest level since its peak in October 1992.