The Dept. of Labor said that for the workweek ending December 29, new claims for jobless benefits jumped by a seasonally adjusted 36,000 to 447,000. The week before, new jobless claims rose by 26,000, according to revised figures.
In the jobless claims report, a government analyst offered no specific reason for the big increases in new claims but noted that they tend to be volatile during the holiday season.
The more stable four-week moving average of claims, which smoothes out week-to-week fluctuations, declined last week to 409,750, the lowest level since Sept. 1. It marked the fourth straight week that the moving average fell.
U.S. companies announced nearly 2-million job cuts in 2001, more than three times as many layoffs as in 2000, job placement firm Challenger, Gray & Christmas said today.
