New jobless claims down, but long-term unemployment up
Reuters reports new U.S. jobless claims fell last week (to 424,000 from a revised 433,000 prior week).
Four-week moving average down to 427,000 from 434,250.
But number of people continuing to draw unemployment benefits rose to highest level in about 18 months (up by 83,000 to 3.76 million).
GDP grew at revised 1.9 percent annual rate in January-March quarter.
From perspective of employment litigators, continued job market weakness makes terminated or laid-off employees more likely to pursue legal action, as value of lost job is greater, and makes back pay award potentially greater, as mitigation is more difficult.
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on May 29, 2003
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