(November 26, 2008)--Jobless claims fell more than expected last week from a 16-year high, but remain at elevated levels due to the slowing economy, the government said Wednesday.
The Labor Department said initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week's upwardly revised figure of 543,000, lower than analysts' expectations of 537,000.
Still, the initial claims number remains at recessionary levels.
The four-week average, which evens out fluctuations, rose to 518,000, its highest level since January 1983, when the economy was emerging from a steep recession.
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