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Investing October 25, 2001
Unemployment Lines Longest in 18 Years
October 25, 2001(PLANSPONSOR.com) - The number of
Americans remaining on the unemployment rolls in the week
ending October 13, the latest week for which data is
available, surged by 56,000, reaching 3.65 million, its
highest level in over 18 years.
Reported by Camilla Klein
In addition, those seeking unemployment benefits for the first time spiked higher by 8,000 in the week ending October 20, according data just released by the Department of Labor. That figure reached 504,000, above analysts expectations.
The four-week moving average, considered a more reliable measure of the unemployment pictures because it irons out weekly volatility, jumped by 12,000, settling at 505,000, a level not reached in over a decade.
States with the largest increases in unemployment benefit claims included Tennessee, Texas, Georgia and Kentucky, while those where initial claims moderated were California, Illinois and New York.