U.S. weekly initial jobless claims rise to 455,000

Claims stay unusually high as more workers take advantage of benefits

First-time claims for jobless benefits remained unusually high in the latest week as more workers took advantage of states' efforts to sign them up for unemployment insurance, the Labor Department said Thursday.

Claims for the week ended Aug. 2 rose to 455,000, a gain of 7,000 from the prior week. The figure was the highest in more than six years.

Many economists see claims above 400,000 as a sign of recession.

Investors reacted negatively to the uptick in unemployment claims. See Market Snapshot.

Read Complete Story