Report indicates layoff surge easing

Wednesday, Nov. 21, 2001 | 9:56 a.m.

WASHINGTON -- New claims for state unemployment benefits fell for the fourth straight week, suggesting that the surge of layoffs seen after the terror attacks may be easing.

The Labor Department reported today that for the work week ending Nov. 17, new jobless claims dipped by a seasonally adjusted 15,000 to 427,000. That followed a drop of 10,000, an even bigger decline than the government previously estimated, according to revised figures.

Even with the decline, the level of jobless claims remained high enough to suggest that the labor market continues to be weak.

A four-week moving average of the number of laid off workers continuing to collect unemployment benefits rose to 3.73 million for the work week ending Nov. 10, indicating that jobless workers are having a difficult time finding employment. The moving average, which smoothes out weekly fluctuations, was the highest since May 7, 1983.

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