Jobless Claims Hover Too High

Last week claims for unemployment insurance by the newly laid-off rose 1,000 to 427,000, the department of labor announced today.

Economists surveyed by Bloomberg had expected claims to drop about 7,000, but some employers are continuing to cut jobs because the economy is still weak.

This week’s report marks the ninth in a row that claims have remained above 400,000.

Meanwhile, for the week ended May 28, the most recent week data were available, New York got the dubious honor of having the biggest increase in claims, thanks to manufacturing, construction and service industry layoffs.