Unemployment claims reach 16-year high

The number of Americans filing claims for first-time unemployment benefits rose by 27,000 to a seasonally adjusted 542,000 for the week ended Nov. 15 — a 16-year high, according to data from the Department of Labor. Economists surveyed by Briefing.com had expected the number of jobless claims that were filed to fall to 505,000. Meanwhile, the seasonally adjusted number of people filing for unemployment insurance for the week ended Nov. 8 was 4.01 million, marking an increase of 109,000 from the previous week. The four-week average of claims also increased by 15,750 to 506,500, marking the highest level since January 1983. The uninsured unemployment rate, which measures the percentage of the work force receiving unemployment benefits, was 3.0% for the week ended Nov. 8, up from 2.9% the previous week. The national jobless rate shot up 6.5% in October, marking its highest level in 14 years, according to the Labor Department. That compared with an unemployment rate of 6.1% in August and September.