Thursday, December 25, 2008

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First-Time Jobless Benefit Claims in U.S. Surge to Highest Level Since 1982


The number of Americans filing first-time claims for unemployment insurance last week rose to a 26-year high, indicating employers are stepping up job cuts as the recession deepens.

Initial jobless claims increased more than forecast to 586,000, the most since November 1982, from a revised 556,000 the prior week, the Labor Department said today in Washington. The four-week moving average of claims, a less volatile measure, also was the highest since 1982.

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