BUSINESS BRIEFS
Jobless claims remain high

Advertiser Staff and News Services

The number of U.S. workers filing new claims for state unemployment benefits held above 400,000 for a fifth straight week, showing the pace of firings accelerated leading up to the war with Iraq.

Initial jobless claims totaled 421,000 in the week that ended last Friday and 425,000 the prior week, the Labor Department said. Claims in excess of 400,000 are a sign of weak employment conditions, economists said. The four-week average for claims, a less volatile indicator, was the highest since May 2002.

Boeing issues layoff notices

Boeing Co. has issued layoff notices to 960 employees, the company announced today.

Most of the layoffs affect Boeing Commercial Airplanes workers, company spokesman Bill Cogswell said. Others are in Boeing's shared services division and other units, he said.

The effective layoff date for those workers is May 26.

Today also was the day 460 other workers left Boeing's payroll. Those employees received layoff notices Jan. 17.

The layoffs are the latest step in an employment-reduction program Boeing announced last November.

Kmart settles $1.47B claim

Kmart Corp., the largest retailer to file for bankruptcy protection, said it settled a $1.47 billion claim by Fleming Cos., the largest U.S. grocery distributor.

Kmart announced the accord in a court filing this week. The settlement reduces Fleming's damage claims against Kmart to $385 million from more than $1.47 billion.

Additional claims of $30.3 million were cut to $15 million under the agreement.