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Jobless claims rise to 26-year high
By www.EmploymentCrossing.com
http://www.EmploymentCrossing.com
According to the Labor Department, the number of first-time filings for state unemployment benefits has increased to a 26-year high of 573,000.
The report said that the number is its highest since late 1982 with those collecting unemployment benefits rising by 338,000 to stand at 4.43 million. The findings show businesses are laying off workers at a rapid pace, and that finding employment is increasingly difficult for those who have lost their jobs. The report also said that compared with the same week a year ago, new jobless claims are up about 59%, while continuing claims are up 58%.
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