Thursday, February 5, 2009

New Jobless Claims for the week are over 600,000

New jobless claims jump more than expected to 626K

Initial jobless claims surge more than expected to 626,000; continuing claims set new record

WASHINGTON (AP) -- 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 laid-off workers seeking jobless 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.

The number of people that remained on the unemployment compensation rolls increased slightly to nearly 4.8 million, the most since records began in 1967.

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