The number of Americans filing new claims for unemployment insurance surges past
500,000, and hits highest levels since 2001.
The U.S. Labor Department announced that initial filings for jobless benefits hit
516,000 for the week ending November 8th -- the highest total since the week that
ended September 29, 2001. Last year, the number was at 338,000.
Furthermore, the number of people continuing to collect unemployment insurance for one
week or more jumped by 65,000 to 3.9 million, 1.3 million higher than the same period
last year, and the highest level since January 1983.
