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Jobless claims rise

Thursday, March 6, 2003 | 9:50 a.m.

WASHINGTON -- New claims for unemployment benefits rose last week to their highest level of the year. The Labor Department reported today that initial applications for unemployment insurance went up last week by a seasonally adjusted 12,000 to 430,000. Analysts were predicting claims would go down.

In a second report from the department, productivity -- the amount of output per hour of work -- rose at an annual rate of 0.8 percent in the fourth quarter, marking a turnaround from the 0.2 percent rate of decline reported a month ago.

A third report from the Commerce Department said orders to U.S. factories rose 2.1 percent in January, the best showing in six months, and up from a 0.3 percent increase in December, fueled by higher automobile orders. The nation's largest retailers, meanwhile, reported disappointing sales for February as winter storms and war worries gave consumers more reasons not to shop. Apparel retailers and department stores were hardest hit.

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