Jobless claims drop slightly from elevated level

Story Created: Nov 6, 2008 at 9:40 AM EST

Story Updated: Nov 6, 2008 at 9:40 AM EST

WASHINGTON (AP) - The government says new claims for
unemployment benefits dipped slightly last week, while the number
of people continuing to receive benefits reached its highest level
in more than 25 years.

The Labor Department says initial claims for jobless benefits dropped 4,000 to a seasonally adjusted 481,000 for the week ending Nov. 1. That's just above analysts' estimates of 480,000, according to Thomson Reuters.

The number of people continuing to receive unemployment insurance jumped by 122,000 to 3.84 million, the highest since 1983, when the nation was coming out of a deep recession.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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