• NEWS & TRENDS
  • NOVEMBER 13, 2008, 12:50 P.M. ET

Jobless Claims Hit 7-Year High

Trade Deficit Narrows as Imports, Exports Slow

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WASHINGTON -- The number of U.S. workers filing new claims for state unemployment benefits unexpectedly soared past the half-million mark last week for the first time in over seven years.

Meanwhile, the U.S. trade deficit narrowed sharply in September as the wilting economy sent purchases of foreign oil, cars, and other goods made overseas tumbling.

The weekly jobless-claims data, which included a 25-year high level of total claims lasting more than one week, suggest further big drops in employment that threaten consumer spending ahead of the critical holiday spending season.

Initial claims for jobless benefits jumped 32,000 to a seasonally ...

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