The employment situation is deteriorating rapidly. We need to see this number below 300,000 before we can say the economy has bottomed-Lou
US new jobless claims surge to 26-year high
US new jobless claims surge to 26-year high WASHINGTON, Dec 24 (Reuters) - The number of U.S. workers filing new claims for jobless benefits jumped by 30,000 to a 26-year peak last week, government data on Wednesday showed, as the country's year-long recession continued to chill the labor market. Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 586,000 in the week ended Dec 20 from a revised 556,000 the prior week, the Labor Department said. It was the highest since the week ending Nov. 27, 1982. Analysts polled by Reuters had forecast 560,000 new claims versus a previously reported count of 554,000 the week before. A Labor Department official said there were no special factors influencing the data and no noticeable impact from severe winter weather in northern parts of the country.
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