New unemployment claims hit 26-year high

The 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.”

-Think Progress