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 Jan. 24, showing the weak labor market has yet to hit bottom. On Friday, the Labor Department will issue the employment report for January, and analysts are expecting a drop of 525,000 payroll jobs.
The department said initial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the week ended Jan. 31, the highest since the week ending Oct. 30, 1982. The prior week's number was revised up to 591,000 from 588,000.
You wouldn't know it by the way Republicans in Washington are acting and the way that Harry Reid is behaving but our economy is cratering. We're losing about 15,000 jobs every single day.
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