Unemployment filings hit 26-year high

Filings for state unemployment benefits rose last week to their highest level since 1982, the Department of Labor reported today. The number of first-time jobless claims was 573,000 for the week ending Dec. 6, a 58,000 increase from the previous week. Economists polled by Chicago-based Briefing.com Inc. were expecting jobless claims to rise to 525,000 last week. The number of workers continuing to collect unemployment benefits jumped by 338,000 to 4.43 million, also the highest level in 26 years and the largest increase since 1974. The four-week moving average for unemployment insurance claims was 540,500, an increase of 14,250 from the previous week's revised average of 526,250.