As employers continue to announce job cuts, U.S. workers filing new claims for jobless
benefits surged to a 26-year high last week.
According to the Department of Labor, initial claims for state unemployment insurance benefits
increased by 58,000 to 573,000 -- the biggest increase in claims in more than three years, and the
highest level since November 1982.
Furthermore, the number of people still on unemployment after claiming an initial week of aid
jumped by 338,000 -- to a 26-year high of 4.4 million, the biggest increase in 34 years.
December is looking somewhat brutal for workers as Dow Chemical, Bank of America, 3M, Sony,
Office Depot, Principal Financial Group, and about 15 other companies announced massive cuts -- totaling
more than 100,000 jobs that will be eliminated.
