New Unemployment Claims Hit 26-Year High

Posted by Amanda Terkel, Think Progress at 7:37 AM on December 11, 2008.

Labor Department reports this morning show new claims for unemployment benefits hit 573,000 last week, the highest level in 26 years.

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Labor Department reports this morning show new claims for unemployment benefits hit 573,000 last week, the highest level in 26 years. The number of people continuing to claim jobless benefits also "jumped much more than expected, increasing by 338,000 to 4.4 million. Economists expected a small increase to 4.1 million. … The increase in continuing claims was the largest jump since November 1974."

Tagged as: economic crisis, unemployment, economic meltdown, econ-ocalypse

Amanda Terkel is Deputy Research Director at the Center for American Progress and serves as Deputy Editor for The Progress Report and ThinkProgress.org at the Center for American Progress.