New jobless claims jump more than expected to 626K
New jobless claims jumped far more than expected last week in an
already dismal labor market, and there's no relief in sight for workers
as mass layoffs persist.
The Labor Department reported Thursday
that the number of newly jobless workers seeking benefits rose last
week to a seasonally adjusted 626,000, from the previous week's
upwardly revised figure of 591,000. The latest total is far more than
analysts' expectations of 583,000.
That's also the highest since
October 1982, when the economy was in a steep recession, though the
work force has grown by about half since then. (AP)