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The number of U.S. workers filing new claims for unemployment benefits jumped to a 26-year high last week, according to government data on Thursday that pointed to a rapid deterioration in the economy. In addition, the number of people staying on the benefit rolls hit a record high in the week ended January 24, showing the weak labor market has yet to hit bottom.
The Labor Department said initial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the week ended January 31, the highest since the week ending October 30, 1982.
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Stuttering Economy Seeks More Assistance?
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Read more on INO News
Initial Weekly Claims Rise 13,000
The number of Americans filing new claims for unemployment benefits increases by a more- than-expected 13,000 last week according to a labor department report.
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American officials used to lecture other countries about their economic failings and tell them that they needed to emulate the U.S. model. The Asian financial crisis of the late 1990s, in particular, led to a lot of self-satisfied moralizing.
Read more on The Indiana Gazette