Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 22, 1993 TAG: 9310220087
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE: Associated Press
DATELINE: WASHINGTON LENGTH: Short
But analysts said total claims under both state and federal programs were little changed and contended that the labor situation continues to improve gradually.
The Labor Department reported Thursday that new applications for state-paid unemployment insurance shot up by 6,000, to a seasonally adjusted 350,000, highest since 395,000 applications were filed during the week ended July 24.
"The jump in claims should not be interpreted as a sign that the labor market is deteriorating," maintained economist Marilyn Schaja of Donaldson, Lufkin & Jenrette Securities Corp.
"Due to the suspension of the emergency compensation program, more claimants are filing under regular state programs," she explained.
The emergency program, created in November 1991, expired Oct. 2 after being extended three times. The House has voted a fourth extension, which now is pending before the Senate.
President Clinton supports the legislation.
The adjusted four-week moving average of the combined figures is around 360,000, Schaja noted, reflecting a fairly steady decline from 409,250 in the first week of August.
by CNB