The government says new claims for unemployment benefits reached their highest level in 26 years last week, as companies cut workers at a rapid pace.
The Labor Department says initial applications for jobless benefits rose to a seasonally adjusted 573,000, from an upwardly revised figure of 515,000 in the previous week. That was far more than the 525,000 claims Wall Street economists expected.
A Labor Department analyst says the jump is partly due to a rebound in claims from the Thanksgiving holiday week when government offices were open for fewer days.
(Source: Fox News)
http://www.theyeshivaworld.com/article.php?p=27067
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